Fitch Affirms Enterprise Fleet Financing LLC Series 2013-2

NEW YORK--()--Fitch Ratings has affirmed two classes of notes issued by Enterprise Fleet Financing LLC series 2013-2 as detailed below:

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

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

The Enterprise Fleet Financing LLC series 2013-2 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 July 2014 and 'Criteria for Rating U.S. Auto Lease ABS' dated April 2014. For detail regarding the application of these criteria, please refer to the Enterprise Fleet Financing LLC, Series 2013-2 (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 2013-2 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 SENSITIVITIES

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 2013-2 (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' (April 2014);

--'Criteria Rating Criteria for Corporate CDOs' (July 2014);

--'Global Structured Finance Rating Criteria' (May 2014);

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

--'Enterprise Fleet Financing, LLC Series 2013-2 (US ABS)' (August 2013);

--'Enterprise Fleet Financing, LLC Series 2013-2 -- Appendix' (August 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=746763

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

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

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

Enterprise Fleet Financing, LLC Series 2013-2 - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715708

Enterprise Fleet Financing, LLC Series 2013 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715619

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=842948

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.

Contacts

Fitch Ratings
Surveillance Analyst
Eugene Kushnir
Associate Director
+1-212-908-0830
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Surveillance Analyst
Eugene Kushnir
Associate Director
+1-212-908-0830
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com