DBRS Morningstar Confirms and Withdraws Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6

DBRS, Inc. (DBRS Morningstar) confirmed and withdrew the A (sf) rating on the Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6 transaction.

RATING RATIONALE/DESCRIPTION
The rating rationale includes the following key analytical considerations:
(1) Transaction capital structure, current ratings, and form and sufficiency of available credit enhancement.
(2) The transaction parties’ capabilities with regard to origination, underwriting, and servicing.
(3) The credit quality of the collateral pool and historical performance as of the October 2019 Distribution Date.

The transaction was a securitization of U.S. rental car receivables. The transaction had dynamic credit enhancement requirements dependent upon pool composition. Forms of credit enhancement may include overcollateralization, subordination, letters of credit, and reserve accounts. As of the October 2019 Distribution Date, the transaction was within its credit enhancement requirement. As measured by rolling three and six-month rolling averages, the ratio of aggregate Disposition Proceeds from all Non-Program Vehicles disposed of during a related Measurement Month to the aggregate Net Book Value of all Non-Program Vehicles disposed of during a related Measurement Month exceeds 110%.

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

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 Morningstar 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.

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

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 the transaction took place on August 22, 2018, when the rating of the security was confirmed at its current rating level.

For further information on DBRS Morningstar 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: Christopher D'Onofrio, Managing Director, U.S. ABS - Global Structured Finance Initial Rating Date: November 1, 2010

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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