DBRS Morningstar Confirms Ratings of 10 Series of Avis Budget Rental Car Funding (AESOP) LLC

DBRS, Inc. (DBRS Morningstar) confirmed the ratings of 27 securities issued by 10 Avis Budget Rental Car Funding (AESOP), LLC asset-backed security transactions. The performance trends of the confirmed securities are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

The series reviewed are the following:

-- 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 2015-3
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2016-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2017-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2018-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-1
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-2
-- Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-3

The ratings are based on DBRS Morningstar’s review of the following 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.

Notes:

The principal methodology is the 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 had 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.

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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