DBRS Confirms Rating on CarFin Finance International Limited

DBRS, Inc. (DBRS) has today confirmed its rating of A (sf) on the Senior Notes issued by CarFin Finance International Limited.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- Credit enhancement in the transaction is dynamic depending on the composition of the vehicles in the fleet and certain market value tests.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- The transaction parties’ capabilities to effectively manage rental car operations and disposition of the fleet to the extent necessary.
-- Collateral credit quality and residual value performance.
-- The legal structure and its consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
The applicable methodology is Rating U.S. Rental Car Securitizations, which can be found on our website under Methodologies.

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

Please see the attached appendix for additional information regarding the assumptions used in the rating process and related performance which could impact rating sensitivity.

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