Press Release

DBRS Confirms Ratings of Outstanding Avis Budget Rental Car Funding (AESOP) Series

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December 09, 2014

DBRS, Inc. (DBRS) has confirmed the ratings to the following series of notes issued by Avis Budget Rental Car Funding (AESOP) LLC, coincident with the renewal of Series 2011-4:

-- Series 2010-3 Notes, Class A rated AAA (sf)
-- Series 2010-3 Notes, Class B rated BBB (high) (sf)
-- Series 2010-5 Notes, Class A rated AAA (sf)
-- Series 2010-5 Notes, Class B rated BBB (high) (sf)
-- Series 2010-5 Notes, Class C rated BBB (low) (sf)
-- Series 2010-6 rated A (sf)
-- Series 2011-3 Notes, Class A rated AAA (sf)
-- Series 2011-3 Notes, Class B rated A (low) (sf)
-- Series 2011-3 Notes, Class C rated BBB (low) (sf)
-- Series 2011-5 Notes, Class A rated AAA (sf)
-- Series 2011-5 Notes, Class B rated A (low) (sf)
-- Series 2011-5 Notes, Class C rated BBB (low) (sf)
-- Series 2012-1 Notes, Class A rated AAA (sf)
-- Series 2012-1 Notes, Class B rated BBB (high) (sf)
-- Series 2012-2 Notes, Class A rated AAA (sf)
-- Series 2012-2 Notes, Class B rated A (low) (sf)
-- Series 2012-2 Notes, Class C rated BBB (low) (sf)
-- Series 2012-3 Notes, Class A rated AAA (sf)
-- Series 2012-3 Notes, Class B rated A (low) (sf)
-- Series 2012-3 Notes, Class C rated BBB (low) (sf)
-- Series 2013-1 Notes, Class A rated AAA (sf)
-- Series 2013-1 Notes, Class B rated A (low) (sf)
-- Series 2013-1 Notes, Class C rated BBB (low) (sf)
-- Series 2013-2 Notes, Class A rated AAA (sf)
-- Series 2013-2 Notes, Class B rated BBB (high) (sf)
-- Series 2013-2 Notes, Class C rated BBB (low) (sf)
-- Series 2014-1 Notes, Class A rated AAA (sf)
-- Series 2014-1 Notes, Class B rated BBB (high) (sf)
-- Series 2014-1 Notes, Class C rated BBB (low) (sf)
-- Series 2014-2 Notes, Class A rated AAA (sf)
-- Series 2014-2 Notes, Class B rated BBB (sf)

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Rental Car Securitizations, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

Ratings

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2010-3 Notes, Class A	AAA (sf)	--	Confirmed	US E
09-Dec-14	Series 2010-3 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2010-5 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2010-5 Notes, Class B	BBB (high) (sf)	--	Confirmed	US
09-Dec-14	Series 2010-5 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2010-6	A (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2011-3 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2011-3 Notes, Class B	A (low) (sf)	--	Confirmed	US
09-Dec-14	Series 2011-3 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2011-5 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2011-5 Notes, Class B	A (low) (sf)	--	Confirmed	US
09-Dec-14	Series 2011-5 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2012-1 Notes, Class A	AAA (sf)	--	Confirmed	US E
09-Dec-14	Series 2012-1 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2012-2 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2012-2 Notes, Class B	A (low) (sf)	--	Confirmed	US
09-Dec-14	Series 2012-2 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2012-3 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2012-3 Notes, Class B	A (low) (sf)	--	Confirmed	US
09-Dec-14	Series 2012-3 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2013-1 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2013-1 Notes, Class B	A (low) (sf)	--	Confirmed	US
09-Dec-14	Series 2013-1 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2013-2 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2013-2 Notes, Class B	BBB (high) (sf)	--	Confirmed	US
09-Dec-14	Series 2013-2 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2014-1, Class A Notes	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2014-1, Class B Notes	BBB (high) (sf)	--	Confirmed	US
09-Dec-14	Series 2014-1, Class C Notes	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
09-Dec-14	Series 2014-2 Notes, Class A	AAA (sf)	--	Confirmed	US
09-Dec-14	Series 2014-2 Notes, Class B	BBB (sf)	--	Confirmed	US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3

Series 2010-3 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-5

Series 2010-5 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6

Series 2010-6

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-3

Series 2011-3 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5

Series 2011-5 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-5 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-5 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1

Series 2012-1 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2

Series 2012-2 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3

Series 2012-3 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1

Series 2013-1 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-2

Series 2013-2 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class C

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-1

Series 2014-1, Class A Notes

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B Notes

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class C Notes

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-2

Series 2014-2 Notes, Class A

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class B

Date Issued:Dec 9, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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