There have been no material changes from the previous version.

This report updates and replaces the prior criteria report with the title 'Global Rating Criteria for Rental Fleet ABS,' dated Sept. 15, 2011.

The report presents Fitch's analytical approach to rating Global Rental Fleet ABS and outlines the unique features of these transactions. Additionally, the report details key rating drivers associated with Global Rental Fleet as detailed below.

Key Rating Drivers

Review of RFC/Servicer Operations: Fitch's analysis includes a qualitative review of the RFC/servicer's operations, as well as a review of any backup servicers/liquidation agents in place in the transaction and its ability to effectively replace the RFC and conduct a fleet liquidation in an orderly, efficient manner. Fitch's assessment of other counterparty-related risks is addressed in Fitch's 'Counterparty Criteria for Structured Finance Transactions' (Counterparty Criteria).

Collateral Analysis: Fitch analyzes the collateral characteristics and relative diversity of the pool backing a transaction, including: vehicle make, model, and segment concentrations; manufacturer/brand mix; age of vehicles; and geographic concentrations. Based on the diversity designation, Fitch applies different levels of stress to the expected liquidation proceeds of the vehicles. Pools that are not diverse from a manufacturer/model/segment perspective may warrant a rating cap as described in Fitch's Rating Cap Criteria.

Analysis of Vehicle Value Risks: Fitch analyzes the risk of collateral value depreciation prior to its liquidation in a bankruptcy scenario and the residual risk of realizing mark-to-market losses on the actual sale of the collateral. This analysis is driven by historical vehicle depreciation rates and the historical vehicle value volatility observed in the wholesale vehicle market.

Macroeconomic Risks: The economic environment can have a material impact on rental fleet ABS ratings. Fitch takes into consideration the strength of the economy, as well as future expectations, by assessing key macroeconomic indicators, such as unemployment.

Structural Analysis: Fitch analyzes the structural protections afforded to the notes by stressing the liquidation timing, vehicle depreciation and disposition losses, and expected carrying costs of the transaction at various rating levels.

Legal Analysis: Fitch's legal analysis includes a review of the transaction's legal structure and opinions to verify, among other things, the legal isolation of the assets from the originator, the legal transfer of the assets to the issuing vehicle, and the tax status of the issuing vehicle.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research: Global Rating Criteria for Rental Fleet ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=687882

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