OREANDA-NEWS. Fitch Ratings has affirmed two series of notes issued by Enterprise Fleet Financing LLC as detailed below:

Enterprise Fleet Financing LLC, Series 2013-1
--Class A-2 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable.

Enterprise Fleet Financing LLC, Series 2014-1
--Class A-2 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable.

The Enterprise Fleet Financing LLC, series 2013-1 and 2014-1 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 Corporate CDOs' dated July 24, 2014 and 'Criteria for Rating U.S. Auto Lease ABS' dated April 24, 2014. For detail regarding the application of these criteria, please refer to the Enterprise Fleet Financing LLC, Series 2013-1 (US ABS) and Enterprise Fleet Financing LLC, Series 2014-1 (US ABS) presale reports 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 2013-1 and Enterprise Fleet Financing LLC, series 2014-1 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 2013-1 (US ABS) and Enterprise Fleet Financing LLC, Series 2014-1 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'.