DBRS Finalizes Ratings on Hertz Fleet Lease Funding LP, Series 2014-1 and Confirms Series 2013-3

DBRS has today finalized the provisional ratings on the following classes issued by Hertz Fleet Lease Funding LP, Series 2014-1:

-- Series 2014-1 Notes, Class A at AAA (sf)
-- Series 2014-1 Notes, Class B at AA (high) (sf)
-- Series 2014-1 Notes, Class C at A (high) (sf)
-- Series 2014-1 Notes, Class D at BBB (high) (sf)
-- Series 2014-1 Notes, Class E at BBB (sf)

DBRS has also confirmed its ratings on the following classes issued by Hertz Fleet Lease Funding LP, Series 2013-3:

-- Series 2013-3 Notes, Class A at AAA (sf)
-- Series 2013-3 Notes, Class B at AA (sf)
-- Series 2013-3 Notes, Class C at A (sf)
-- Series 2013-3 Notes, Class D at BBB (sf)

As set forth in the rating report for Series 2014-1, the transaction includes a top obligor concentration limit that exceeds the typical DBRS criteria for top obligor concentrations. However, the rationale supporting the ratings where the top obligor exceeds this level includes: (a) the significant vehicle collateral value which underpins the lease obligations and (b) the fact that historical disposition proceeds have been in excess of 100% of net book value since 2006. Given the Master Trust structure this is applicable to Series 2013-3 also rated by DBRS.

The confirmation of the Series 2013-3 ratings also takes into account certain technical amendments that do not impact DBRS’s view of creditworthiness of the series.

Note:
All figures are in U.S. dollars unless otherwise noted.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.