DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) has today confirmed 35 outstanding publicly rated classes of 12 U.S. structured finance asset-backed securities transactions, because credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were confirmed:
-- 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 2012-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2016-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2016-2

The DBRS 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.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and the historical performance of the Avis Budget Rental Car Funding (AESOP) LLC portfolio.

Avis Budget Rental Car Funding (AESOP) LLC is a Master Trust with notes issued ranging from October 2010 through July 2016. The notes are supported by subordination, overcollateralization and a reserve fund. The current credit enhancement for all the notes listed above is higher than the required credit enhancement.

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

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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

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