Press Release

DBRS Finalizes Provisional Ratings to STARS Trust, Series 2006-1

ABCP
December 20, 2006

Dominion Bond Rating Service (DBRS) has today finalized its provisional ratings to the Series 2006-1 Bonds to be issued by STARS Trust (STARS), as indicated below:

-- AAA to the STARS Trust Series 2006-1 Bonds

The ratings of the Series 2006-1 Bonds (the Bonds) are based on the following factors:

(1) The enhancement levels of between 9.75% and 23.50% for Program Vehicles and 17.50% to 23.50% for Non-Program Vehicles.

(2) Avis Budget Car Rental, LLC is providing a performance guarantee to STARS that covers the General Partners’ (Aviscar Inc. and Budgetcar Inc.) obligations under the Limited Partnership Agreement for WTH Funding Limited Partnership. DBRS has assigned a rating of BB to the Performance Guarantor with respect to its obligations to the Partnership.

(3) Non-Program Vehicles are limited to 25%, with a sub limit for Used Vehicles of 10%, of the vehicles owned by the Limited Partnership.

(4) For Program Vehicles, Repurchase Agreements are in place with General Motors, Ford and DiamlerChrysler, with a sliding scale of enhancement required based on the credit rating of the individual manufacturer.

(5) The addition of a Standby General Partner mitigates bankruptcy exposure for the Limited Partnership in the event of a bankruptcy filing by the General Partners.

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

Related Documents

Credit Rating Report: