Budget-Rent-A-Car's most recent deal, which was scheduled to price on Friday, will have likely carried rare split ratings, with Moody's Investors Service setting the B class notes at Aaa' and the C class notes at A3', compared to the double-A/single-A ratings from Standard & Poor's and Fitch.

Deutsche Bank is lead manager on the $400 million transaction, which is being issued through the Team Fleet Financing trust.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.