Automotive Rentals (ARI) plans to issue a $453 million ABS backed mostly by fleet lease contracts for light trucks and cars.

The deal, ARI Fleet Lease Trust 2013-A has been assigned preliminary rating by Standard & Poor’s. All of the leases in the series 2013-A pool are fixed-rate leases.  S&P said in the presale report that this eliminates basis risk associated with variable rate contracts that were present in the issuers previous deal, the series 2012-B poo where fixed-rate loans accounted for only 1% of the pool.

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