--Class A-2 notes at 'AAAsf'; Outlook Stable;
--Class A-3 notes at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS:
The affirmation of the notes reflect the stable performance of the underlying lease receivables as evidenced by low delinquency and loss rates, as well as increasing support provided by credit enhancement.
As compared to the transactions inception, the obligor and industry concentrations remain similar. Fitch's analysis of
Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.
Unanticipated increases in the frequency of defaults could produce default levels higher than the projected base case default proxy and impact available default coverage and multiples levels. Lower default coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to changes in obligor credit profiles and recovery rates associated with the high concentration of truck collateral in the pool. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.
For further detail on the rating sensitivity analysis, please refer to Fitch's presale titled
Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after
Additional information is available at 'www.fitchratings.com'.
The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.
--'Criteria for Rating U.S. Auto Lease ABS' dated
--'Criteria Rating Criteria for Corporate CDOs' dated
--'Global Structured Finance Rating Criteria' dated
--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated
--'Enterprise Fleet Financing, LLC Series 2013-1 (US ABS)' dated
--'Enterprise Fleet Financing, LLC Series 2013-1 -- Appendix' dated
Criteria for Rating U.S. Auto Lease ABS
Global Rating Criteria for Corporate CDOs
Global Structured Finance Rating Criteria
Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions -- Amended
Enterprise Fleet Financing, LLC Series 2013-1 (US ABS)
Enterprise Fleet Financing, LLC Series 2013-1 -- Appendix
Source: Fitch Ratings
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