DBRS Morningstar Requests Comments on Proposed Updates to Rating European Rental Car Securitisations Methodology

DBRS Morningstar is requesting comments on the proposed updates to “Rating European Rental Car Securitisations” methodology (the Methodology), which may, upon the close of the Request for Comment period, supersede the version published on 21 December 2022. This methodology presents the criteria based on which credit ratings to European car rental securitisation transactions are assigned and/or monitored.

The proposed material changes are due to the updated reference made in this Methodology to the revised approach to residual value (RV) risk as described in the “Rating European Consumer and Commercial Asset-Backed Securitisations” methodology and in the “Rating European Consumer and Commercial Asset-Backed Securitisations–Request for Comments” (the RFC) that may replace the aforementioned methodology. The proposed alterations are necessary to maintain the link between the Methodology to the text of the “Rating European Consumer and Commercial Asset-Backed Securitisations” methodology as proposed in the RFC.

DBRS Morningstar does not currently rate any transactions that reference this Methodology, and no outstanding credit ratings are expected to be affected as result of the proposed changes.

Comments on the proposed updates should be received on or before 24 November 2023. Please submit your comments to the following email address: sfcomments@dbrsmorningstar.com.

DBRS Morningstar publishes on its website all comments received, except in cases where confidentiality is requested by the respondent.

Notes:
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the “DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings” at https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (4 July 2023).

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

DBRS Morningstar methodologies are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

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