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Rating Action:

Moody's takes rating actions on rental car asset backed securities

29 Mar 2013

New York, March 29, 2013 -- Moody's has upgraded 11 rental car asset backed notes from three different sponsors: Avis Budget Car Rental, LLC (Avis Budget), The Hertz Corporation (Hertz), and Dollar Thrifty Automotive Group (DTAG). In addition to the upgrades, Moody's has also affirmed select rental car asset backed notes from those three sponsors, as well as from Avis Budget's indirect Canadian subsidiary WTH. Today's rating actions are motivated primarily by the stronger credit profile of Chrysler Group LLC (Chrysler), specifically by the recent upgrade of its LT Corporate Family Rating to B1 on February 1, 2013.

COMPLETE RATING ACTIONS:

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-2

Series 2010-2 Class B, Affirmed A1 (sf); previously on Dec 10, 2010 Upgraded to A1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3

Series 2010-3 Class B, Affirmed A1 (sf); previously on Jan 12, 2012 Upgraded to A1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-4

Series 2010-4 Class B, Upgraded to A1 (sf); previously on Jan 12, 2012 Upgraded to A3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-5

Series 2010-5 Class B, Upgraded to A2 (sf); previously on Jan 12, 2012 Upgraded to Baa1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6 Variable Funding Rental Car Asset-Backed Notes

Series 2010-6 VFNs, Affirmed A1 (sf); previously on Oct 18, 2012 Downgraded to A1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP), LLC Series 2011-1

Series 2011-1 Class B, Upgraded to A2 (sf); previously on Jan 12, 2012 Upgraded to A3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP), LLC Series 2011-2

Series 2011-2 Class B, Upgraded to A2 (sf); previously on Jan 12, 2012 Upgraded to A3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP), LLC Series 2011-3

Series 2011-3 Class B, Affirmed Baa1 (sf); previously on Jan 12, 2012 Upgraded to Baa1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5

Series 2011-5 Class B, Affirmed Baa1 (sf); previously on Jan 12, 2012 Upgraded to Baa1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1

Series 2012-1 Class B, Upgraded to Baa1 (sf); previously on Mar 22, 2012 Definitive Rating Assigned Baa2 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2

Series 2011-2 Class B, Upgraded to Baa1 (sf); previously on Mar 22, 2012 Definitive Rating Assigned Baa2 (sf)

Issuer: Avis Budget Rental Card Funding (AESOP) LLC, Series 2012-3

Series 2012-3 Class B, Upgraded to Baa1 (sf); previously on Jul 31, 2012 Definitive Rating Assigned Baa2 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1

Series 2013-1 Class B, Upgraded to Baa1 (sf); previously on Feb 13, 2013 Definitive Rating Assigned Baa2 (sf)

Issuer: Hertz Vehicle Financing LLC, Series 2009-1

Series 2009-1 VFNs, Affirmed A2 (sf); previously on Oct 25, 2012 Downgraded to A2 (sf)

Issuer: Hertz Vehicle Financing LLC, Series 2009-2

Series 2009-2 Class B-2, Affirmed Baa1 (sf); previously on Dec 7, 2012 Downgraded to Baa1 (sf)

Issuer: Hertz Vehicle Financing LLC, Series 2010-1

Series 2010-1 Class B-1, Affirmed Baa2 (sf); previously on Dec 7, 2012 Downgraded to Baa2 (sf)

Series 2010-1 Class B-2, Affirmed Baa2 (sf); previously on Dec 7, 2012 Downgraded to Baa2 (sf)

Series 2010-1 Class B-3, Affirmed Baa2 (sf); previously on Dec 7, 2012 Downgraded to Baa2 (sf)

Issuer: Hertz Vehicle Financing LLC, Series 2011-1

Series 2011-1 Class B-1, Affirmed Baa2 (sf); previously on Mar 13, 2013 Downgraded to Baa2 (sf)

Series 2011-1 Class B-2, Affirmed Baa2 (sf); previously on Mar 13, 2013 Downgraded to Baa2 (sf)

Issuer: Hertz Vehicle Financing LLC, Series 2013-1

Series 2013-1 Class B-1, Upgraded to Baa1 (sf); previously on Jan 24, 2013 Definitive Rating Assigned Baa2 (sf)

Series 2013-1 Class B-2, Upgraded to Baa1 (sf); previously on Jan 24, 2013 Definitive Rating Assigned Baa2 (sf)

Issuer: Rental Car Finance Corp. Series 2011-1

Series 2011-1 Class B, Upgraded to A3 (sf); previously on Jan 12, 2012 Upgraded to Baa1 (sf)

Issuer: WTH Car Rental ULC, Series 2010-1, 2010-2 and 2010-3

Series 2010-1 VFNs, Affirmed Aa2 (sf); previously on Nov 29, 2012 Downgraded to Aa2 (sf)

Series 2010-2 VFNs, Affirmed Aa2 (sf); previously on Nov 29, 2012 Downgraded to Aa2 (sf)

RATINGS RATIONALE

This rating action is prompted by the stronger credit profile of Chrysler, as reflected in the recent upgrade of its LT Corporate Family Rating to B1 from B2 on February 1, 2013. The vehicle fleets backing the affected rental card asset backed notes contain meaningful concentrations of Chrysler-manufactured automobiles. For program cars, i.e. vehicles that benefit from original equipment manufacturer (OEM)-guaranteed depreciation or repurchase agreements, Chrysler's improved credit quality means a smaller chance that Chrysler will become bankrupt and unable to honor its guaranteed depreciation and repurchase agreements, exposing the ABS to the uncertainty of prices in the used vehicle market. Additionally, for both program and non-program vehicles, i.e. vehicles that do not benefit from OEM-guaranteed depreciation or repurchase agreements, the risk is lower that Chrysler vehicle resale values will fall, a risk that matters if the ABS needs to liquidate vehicles to repay noteholders. This rating action also corrects the original rating of the Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1 Class B, assigned at Baa2 (sf) on February 13, 2013, which mistakenly failed to incorporate the February 1st upgrade to the Chrysler LT Corporate Family Rating. This has been corrected, and today's rating of Baa1 (sf) reflects the current B1 LT Corporate Family Rating for Chrysler.

The ratings of the notes are based on, among other things, the credit quality of the sponsors as the lessee, the liquidation values of the vehicles in each of the rental car fleets, the credit quality of automobile manufacturers providing vehicle disposition program agreements for program vehicles, the degree of certainty surrounding the composition of the rental car fleets backing the notes, the term to maturity of the notes, the experience of the transaction sponsors as the servicer of their respective rental car fleet, and the available credit support provided by a combination of overcollateralization, cash and/or Letters of Credit (LOCs) in each of the transactions.

The primary assets backing the notes are the monthly lease payments by sponsors as well as the pool of vehicles comprising the bulk of the daily rental car fleet backing the notes.

The primary source of assumption uncertainty is the market value of vehicles in the various fleets backing the transactions should fleet liquidation be necessary. To address this uncertainty, we make assumptions we believe to be conservative about appropriate recovery value haircuts.

PRINCIPAL RATING METHODOLOGY

The principal methodology used in these ratings 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.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Research & Ratings directory, in the Rating Methodologies sub-directory on www.moodys.com.

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The person who approved Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1 credit ratings is Linda Stesney, MD - Structured Finance, Structured Finance Group, JOURNALISTS: 212-553-0376, SUBSCRIBERS: 212-553-1653.

The person who approved Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-2; Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3; Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-4; Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-5; Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6; Avis Budget Rental Car Funding (AESOP), LLC Series 2011-1; Avis Budget Rental Car Funding (AESOP), LLC Series 2011-2; Avis Budget Rental Car Funding (AESOP), LLC Series 2011-3; Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5; Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1; Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2; Avis Budget Rental Card Funding (AESOP) LLC, Series 2012-3; Hertz Vehicle Financing LLC, Series 2009-1; Hertz Vehicle Financing LLC, Series 2009-2; Hertz Vehicle Financing LLC, Series 2010-1; Hertz Vehicle Financing LLC, Series 2011-1; Hertz Vehicle Financing LLC, Series 2013-1; Rental Car Finance Corp. Series 2011-1; WTH Car Rental ULC, Series 2010-1, 2010-2 and 2010-3 credit rating is Luisa De Gaetano, VP-Sr Credit Officer/Manager, Structured Finance Group, JOURNALISTS: 212-553-0376, SUBSCRIBERS: 212-553-1653.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

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

Matias Langer
VP-Senior Analyst
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 takes rating actions on rental car asset backed securities
No Related Data.
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