Business Services Industry
Fitch Affirms Rental Car Finance Corp. Series 2003-1, 2004-1, 2005-1, & 2006-1
Business Wire, Dec 7, 2006
NEW YORK -- Fitch affirms Rental Car Finance Corp.'s (RCFC) rental car asset-backed notes as follows:
Rental Car Finance Corp. Series 2003-1
--Class A notes affirmed at 'AAA'.
Rental Car Finance Corp. Series 2004-1
--Class A notes affirmed at 'AAA'.
Rental Car Finance Corp. Series 2005-1
--Class A-1 notes affirmed at 'AAA';
--Class A-2 notes affirmed at 'AAA'.
Rental Car Finance Corp. Series 2006-1
--Class A notes affirmed at 'AAA'.
The notes are backed by a master lease and subleases of rental fleet vehicles to DTG Operations, Inc. and other subsidiaries of Dollar Thrifty Automotive Group, Inc. (DTAG), and by the rental fleet vehicles. The full and timely payment of monthly interest and the ultimate payment of principal by the termination dates are backed by a financial guaranty insurance policies from Ambac Assurance Corporation(Series 2004-1 and 2006-1), MBIA Insurance Corporation(Series 2003-1), or XL Capital Assurance Inc.(Series 2005-1), each of whose insurer financial strength is rated 'AAA' by Fitch. Additional credit enhancement for the notes is provided by letters of credit, overcollateralization and/or a cash liquidity amounts.
DTAG, headquartered in Tulsa, Oklahoma, provides vehicle rental to travelers in 70 countries through its brands Dollar Rent A Car (Dollar) and Thrifty Rental (Thrifty). Dollar and Thrifty have over 1,600 corporate and franchised worldwide locations, including over 800 in the United States and Canada.
For more information on the Rental Car Finance Corp.'s Rental Car Asset-Backed Notes see Rental Car Finance Corp., Rental Car Asset-Backed Notes, Series 2006-1 new issue report dated April 21, 2006, available on the Fitch Ratings web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
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