News Column

Fitch Affirms Enterprise Fleet Financing LLC, Series 2013-1

February 26, 2014

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed two classes of notes issued by Enterprise Fleet Financing LLC, Series 2013-1 as follows:

--Class A-2 notes at 'AAAsf'; Outlook Stable;

--Class A-3 notes at 'AAAsf'; Outlook Stable.

The Enterprise Fleet Financing LLC, Series 2013-1 pool has collateral characteristics and risks similar to corporate collateralized debt obligations (CDOs) and auto lease securitizations. As such, Fitch used elements of the rating methodologies detailed in the criteria for both of these asset classes which include 'Global Rating Criteria for Corporate CDOs' dated Aug. 8, 2013 and 'Criteria for Rating U.S. Auto Lease ABS' dated April 30, 2013. For detail regarding the application of these criteria, please refer to the Enterprise Fleet Financing LLC, Series 2013-1 (US ABS) presale report available on 'www.fitchratings.com'.

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 Enterprise Fleet Financing LLC, Series 2013-1 incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model, the results of which continue to support the assigned ratings.

Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.

RATING SENSITIVITY:

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 Enterprise Fleet Financing LLC, Series 2013-1 (US ABS) available at 'www.fitchratings.com'.

Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after Sept. 26, 2011 at 'www.fitchratings.com'.

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.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Auto Lease ABS' dated April 30, 2013;

--'Criteria Rating Criteria for Corporate CDOs' dated Aug. 8, 2013;

--'Global Structured Finance Rating Criteria' dated May 24, 2012;

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated April 17, 2012;

--'Enterprise Fleet Financing, LLC Series 2013-1 (US ABS)' dated March 4, 2013;

--'Enterprise Fleet Financing, LLC Series 2013-1 -- Appendix' dated March 4, 2013.

Applicable Criteria and Related Research:

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706699

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715492

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions -- Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Enterprise Fleet Financing, LLC Series 2013-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703109

Enterprise Fleet Financing, LLC Series 2013-1 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703315

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821828

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Surveillance Analyst

Eugene Kushnir, +1-212-908-0830

Associate Director

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Committee Chairperson

Bradley Sohl, +1-212-908-0792

Senior Director

or

Media Relations

Sandro Scenga, +1-212-908-0278 (New York)

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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