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Announcement:

Moody's: No ratings impact on Hertz-sponsored rental car ABS due to Series 2009-1 amendments

Global Credit Research - 28 Aug 2013

New York, August 28, 2013 -- Moody's has reviewed the amendments to the Series Supplement, Note Purchase Agreement, and interest rate cap agreements (the Amendments) for the Hertz Vehicle Financing LLC (Issuer), Series 2009-1 Variable Funding Rental Car Asset-Backed Notes executed on August 26, 2013 (the Amendments). The execution of the Amendments, in and of themselves and at this time, will not cause a downgrade to or withdrawal of the ratings currently assigned to any outstanding series of notes issued by Hertz Vehicle Financing LLC (the Outstanding Notes). Hertz Vehicle Financing LLC is a special purpose entity wholly owned by The Hertz Corporation (B1 stable), which is the master servicer for the transaction.

The Amendments extend the maturity of the Series 2009-1 Variable Funding Rental Car Asset-Backed Notes by three months, change the minimum credit rating threshold for the Letter of Credit provider to the transaction to A2 from A1, and extend the existing interest rate cap agreements between Hertz Vehicle Financing LLC and the cap counterparties, Credit Agricole Corporate and Investment Bank (A2 stable, D-/ba3 stable) and JPMorgan Chase Bank, N.A (Aa3 stable, C/a3 stable). (The ratings shown are the banks' long-term deposit ratings, their bank financial strength ratings/baseline credit assessments, and the ratings' corresponding outlooks.) The three month extension of the Series 2009-1 maturity is credit-neutral given the short-term nature of the extension. Similarly, the reduction in the minimum rating threshold of the Letter of Credit provider to A2 from A1 has no credit impact given the A2 rating on the Series 2009-1 VFN.

As a result, Moody's believed that the execution of the Amendments did not have an adverse effect on the credit quality of the Outstanding Notes such that their Moody's ratings were impacted. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have significant effect on yield and/or other payments to investors. This press release should not be taken to imply that there will be no adverse consequence for investors since in some cases such consequences will not impact the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was "Moody's Global Approach to Rating Rental Car ABS and Rental Truck ABS," published in July 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Gregory J. Gemson
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Luisa De Gaetano
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: No ratings impact on Hertz-sponsored rental car ABS due to Series 2009-1 amendments
No Related Data.

 

© 2014 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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