DBRS Confirms Ratings of Hertz Fleet Lease Funding LP

DBRS, Inc. (DBRS) confirmed the public ratings of 17 securities from three series issued by the Hertz Fleet Lease Funding LP U.S. asset-backed securities trust. Performance trends for the confirmed securities are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The transactions reviewed were:
-- Hertz Fleet Lease Funding LP, Series 2015-1
-- Hertz Fleet Lease Funding LP, Series 2016-1
-- Hertz Fleet Lease Funding LP, Series 2017-1

The 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.
-- The credit quality of the collateral pool and historical performance.

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

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

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

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.