DBRS Confirms CarFin Finance International DAC at A (sf)

DBRS, Inc. confirmed its rating on the Senior Notes issued by CarFin Finance International DAC at A (sf).

The rating confirmation includes the following key analytical considerations:
-- Transaction capital structure, current ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

The transaction is a securitization of rental car receivables generated by rental car operations in Germany, Italy, France, Spain and the Netherlands. The credit enhancement level is adjusted periodically based on various vehicle pool characteristics. As of the date of the review, vehicle composition with respect to both program versus non-program vehicles as well as credit ratings of the vehicle manufacturers were consistent with credit enhancement levels. The average ratio of sales proceeds from vehicles to their respective net book value was over 100% as measured over the most recent three-month and six-month periods for Germany, France, Spain and Italy. The Netherlands did not generate any activity during the period.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS did have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on April 12, 2018, when DBRS confirmed the rating at A (sf).

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Jayce Fox, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Tim O’Neil, Managing Director, Head of Canadian Structured Finance – Global Structured Finance
Initial Rating Date: August 14, 2013

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

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