Fitch Issues Presale Report on Hertz Notes

NEW YORK -- Fitch Ratings has issued a presale report on Hertz Vehicle Financing LLC Rental Car Asset Backed Notes, Series 2004-1. The report discusses the rating analysis behind Fitch's expected 'AAA' ratings on the Class A notes.

The notes, which could be issued with fixed or floating interest payments, are likely to have expected weighted average lives of three to five years. This transaction represents the first rental car term securitization offered by Hertz Corp. (rated 'BBB+/F2' by Fitch), an indirect wholly owned subsidiary of Ford Motor Co.

The expected ratings are based on the terms of the financial guaranty insurance policy of MBIA, whose insurer financial strength is rated 'AAA' by Fitch Ratings; the transaction's credit enhancement and sound legal and structural characteristics; the operational capabilities and historical fleet disposition performance of Hertz Corp. and the expected terms and conditions of interest rate hedging agreements, if applicable.

The presale report is available to all investors on Fitch's corporate site: www.fitchratings.com or by contacting Sara Grohl at 1-212-908-0564 or via e-mail, [email protected]

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