DBRS Assigns Provisional Rating to Series 2014-1 Notes Issued by WTH Car Rental ULC

DBRS has today assigned a provisional rating of AAA (sf) to the Fixed Rate Asset-Backed Senior Notes, Series 2014-1, Class A and BBB (high) (sf) to the Fixed Rate Asset-Backed Subordinated Notes, Series 2014-1, Class B (the Notes) to be issued by WTH Car Rental ULC. The Notes are backed by a security interest in a fleet of rental vehicles (consisting of new and used automobiles, minivans, sport utility vehicles, trucks and/or vans) and vehicle receivables originated in Canada. The Notes will be issued on a private placement basis, with interest paid monthly from proceeds received primarily from daily rental charges arising on the fleet. Principal is due on the maturity date and will be paid primarily from the sale of the rental vehicles.

The rating has been assigned at the request of the issuer and is available at www.dbrs.com.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are Rating Canadian Rental Car Fleet Securitizations (October 2013) and Legal Criteria for Canadian Structured Finance (September 2013), both of which can be found on our website under Methodologies.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.