Fitch Affirms Enterprise Fleet Financing LLC, Series 2013-2, 2014-2, and 2015-2

NEW YORK--()--Fitch Ratings has affirmed the following six classes of notes:

Enterprise Fleet Financing LLC, Series 2013-2:

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

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

Enterprise Fleet Financing LLC, Series 2014-2:

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

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

Enterprise Fleet Financing LLC, Series 2015-2:

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

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

The Enterprise Fleet Financing LLC, Series 2013-2, Series 2014-2 and Series 2015-2 pools have 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 CLOs and Corporate CDOs' dated June 2016 and 'Criteria for Rating U.S. Auto Lease ABS' dated March 2016. For details regarding the application of these criteria, please refer to the Enterprise Fleeting Financing LLC, Series 2013-2 (US ABS), Enterprise Fleeting Financing LLC, Series 2014-2 (US ABS) and Enterprise Fleeting Financing LLC, Series 2015-2 (US ABS) presale reports available at '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, Enterprise Fleet Financing LLC, Series 2014-2 and Enterprise Fleet Financing LLC, Series 2015-2 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 as well as 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.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating U.S. Auto Lease ABS (pub. 24 Mar 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879019

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Global Rating Criteria for CLOs and Corporate CDOs (pub. 09 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=882840

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1008146

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008146

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Eric Orenstein
Analyst
+1-646-582-4816
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations
Sandro Scenga
+1-212-908-0278
New York
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Eric Orenstein
Analyst
+1-646-582-4816
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations
Sandro Scenga
+1-212-908-0278
New York
sandro.scenga@fitchratings.com