Presale Report
Avis Budget Rental Car Funding LLC, Series 2025-1 and 2025-2 (US ABS)
Thu 15 May, 2025 - 9:38 AM ET
ֳ expects to rate the ABS notes issued by Avis Budget Rental Car Funding (AESOP) LLC, Series 2025-1 and 2025-2, with expected ratings contingent on final documents conforming to information received, highlighting that the notes are secured by a revolving pool of primarily nonprogram vehicles leased to Avis Budget Car Rental, LLC, with credit enhancement levels sufficient to cover expected losses under various scenarios, including a monthly mark-to-market vehicle value test and a minimum monthly vehicle depreciation test, while noting that the fleet remains diverse but continues to age significantly, with the three-month average age of the fleet approximately 13.5 months as of April 2025.