DBRS Morningstar Discontinues Credit Ratings on Avis Budget Rental Car Funding (AESOP) LLC, Series 2018-1

DBRS, Inc. (DBRS Morningstar) discontinued the outstanding credit ratings on the following notes issued by Avis Budget Rental Car Funding (AESOP) LLC, Series 2018-1 as a result of full repayment:

-- Series 2018-1, Class A Notes
-- Series 2018-1, Class B Notes
-- Series 2018-1, Class C Notes

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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 (July 4, 2023).

Notes:
The principal methodology applicable to the credit ratings is DBRS Morningstar Master U.S. ABS Surveillance (October 22, 2023; https://www.dbrsmorningstar.com/research/422279).

Other methodologies referenced in this transaction are listed at the end of this press release.

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.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

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

This credit rating is endorsed by DBRS Ratings Limited for use in the United Kingdom, and by DBRS Ratings GmbH for use in the European Union, respectively. The following additional regulatory disclosures apply to endorsed credit ratings:

The last rating action on this transaction took place on January 4, 2023, when DBRS Morningstar confirmed the ratings on all classes for these transactions.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication.

For further information on DBRS Morningstar historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

Lead Analyst: Arti Mattu, Vice President – U.S. ABS – Global Structured Finance
Rating Committee Chair: Du Trieu, Senior Vice President – U.S. ABS – Global Structured Finance

Initial Rating Date: April 19, 2018

DBRS, Inc.
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New York, NY 10005 USA
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The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

Operational Risk Assessment for U.S. ABS Servicers (July 20, 2023)
https://www.dbrsmorningstar.com/research/417415

Operational Risk Assessment for U.S. ABS Originators (July 20, 2023)
https://www.dbrsmorningstar.com/research/417416

Legal Criteria for U.S. Structured Finance (December 7, 2022)
https://www.dbrsmorningstar.com/research/407008

Rating U.S. Structured Finance Transactions (October 22 2023)
https://www.dbrsmorningstar.com/research/422273

Rating U.S. Rental Car Securitizations (September 25, 2023)
https://www.dbrsmorningstar.com/research/421028

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].