Press Release

DBRS Confirms Ratings on U.S. ABS Transactions

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May 27, 2016

DBRS, Inc. (DBRS) has today conducted a review of 11 publicly rated U.S. structured finance asset-backed securities with 30 outstanding publicly rated classes. All of the 30 publicly rated classes reviewed were confirmed as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were reviewed:
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-3
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-2

The DBRS ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and the historical performance of the Avis Budget Rental Car Funding (AESOP) LLC portfolio.

Avis Budget Rental Car Funding (AESOP) LLC is a Master Trust with notes (listed above) issued ranging from October 2010 through May 2015. The notes are supported by subordination, overcollateralization and a reserve fund. The current credit enhancement for all the notes listed above is higher than the required credit enhancement.

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

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

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

Ratings

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-3
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-2
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-1
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-2
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-1
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-2
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:May 27, 2016
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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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