A new auto fleet lease deal and equipment lease securitization join the consumer ABS primary pipeline this week.
Automotive Rentals, Inc.(ARI) is issuing a $419 million securitization deal from its ARI Fleet Least Trust. The deal called ARI Fleet Lease Trust 2012-A will ultimately be backed by payments on a pool of open-end vehicle fleet lease contracts for cars, light-duty trucks, and other vehicles originated and serviced by ARI. The 2012-A transaction will be the second 144A U.S. term securitization offered by ARI. The proceeds from the transaction will be used for general funding purposes.
Fitch Ratings will rate the deal and has assigned the single tranche offering a preliminary rating of 'AAA'.
The rating agency will also rate the new 613.7 million equipment lease securitization deal issued by General Electric Capital Corp.
Fitch said in a report that it expects to rate the class A, B, C, and D notes to be issued by GE Equipment Small Ticket LLC (GEEST) Series 2012-1. The notes will be backed by commercial finance leases on various types of equipment originated by GECC. The GEEST 2012-1 transaction represents GECC’s seventh small ticket equipment term asset-backed transaction.