DBRS Assigns Provisional Rating of AAA (sf) to the Series 2019-1 Notes to Be Issued by WTH Car Rental ULC

DBRS Limited (DBRS) assigned a provisional rating of AAA (sf) to the Fixed Rate Asset-Backed Notes, Series 2019-1 (the Series 2019-1 Notes) to be issued by WTH Car Rental ULC.

The Series 2019-1 Notes are to be issued by WTH Car Rental ULC on the Expected Closing Date. The Series 2019-1 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 Series 2019-1 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.

Notes:
The principal methodology is Rating Canadian Rental Car Fleet Securitizations, which can be found on dbrs.com under Methodologies & Criteria.

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 under Related Documents or by contacting us at info@dbrs.com.

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 the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.

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