Hertz Vehicle Financing II LP, Series 2019-3: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on Hertz Vehicle Financing II LP (HVF II), Series 2019-3.

Prior to November 2013, the Hertz Corporation (Hertz or the Company) had regularly issued both term and variable funding notes (VFNs) in the asset-backed securities (ABS) market out of Hertz Vehicle Financing LLC (HVF). The HVF platform has been in existence since 2002 and the last outstanding series (other than Group I Leasing Company Note as defined below), Series 2013-1, was repaid in August 2018. With the acquisition of Dollar Thrifty, Hertz acquired the Rental Car Finance Corporation (RCFC) ABS platform. Substantially all of the RCFC debt has been repaid, and the only ABS outstanding from RCFC consists of the Series 2010-3 Note, which secures the Series 2013-B VFN (described below), which was terminated in February 2019.