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DCR Rates $900 Million Rental Car Finance Corp., Series 1997-1 Rental Car Asset-Backed Notes

20 January 1998

DCR Rates $900 Million Rental Car Finance Corp., Series 1997-1 Rental Car Asset-Backed Notes

    -- $230.021 Million Class A-1 Notes 'AA'
    -- $306.695 Million Class A-2 Notes 'AA'
    -- $153.347 Million Class A-3 Notes 'AA'
    -- $53.277 Million Class B-1 Notes 'A'
    -- $71.036 Million Class B-2 Notes 'A'
    -- $35.518 Million Class B-3 Notes 'A'
    -- $16.702 Million Class C-1 Notes 'BBB'
    -- $22.269 Million Class C-2 Notes 'BBB'
    -- $11.135 Million Class C-3 Notes 'BBB'

    CHICAGO, Jan. 20 -- Duff & Phelps Credit Rating Co. has
assigned a 'AA' (Double-A) rating to the Class A-1 notes, 'AA' (Double-A) to
the Class A-2 notes, 'AA' (Double-A) to the Class A-3 notes, 'A' (Single-A) to
the Class B-1 notes, 'A' (Single-A) to the Class B-2 notes, 'A' (Single-A) to
the Class B-3 notes, 'BBB' (Triple-B) to the Class C-1 notes, 'BBB' (Triple-B)
to the Class C-2 notes and 'BBB' (Triple-B) to the Class C-3 notes.  The notes
were privately placed by Credit Suisse First Boston.  The closing date was
December 23, 1997.
    DCR's ratings address the timely payment of interest and ultimate
principal of the notes by the final scheduled maturity date.  The transaction
structure consists of a revolving period followed by a controlled amortization
period.  During the revolving period, interest is paid to the holders of the
notes on the 25th of every month following the date of issuance.  The Class
A-1, A-2 and A-3 notes will pay per annum interest rates equal to
6.25 percent, 6.45 percent and 6.60 percent, respectively.  The Class B-1, B-2
and B-3 notes will pay per annum interest rates equal to 6.50 percent,
6.60 percent and 6.70 percent, respectively.  The Class C-1 notes will pay a
per annum interest rate equal to 6.80 percent.  The Class C-2 and C-3 notes
will pay floating rates equal to one-month LIBOR + 0.95 percent and one-month
LIBOR + 1.05 percent, respectively.  Both the Class C-2 and C-3 notes have
interest rate caps of 12 percent.  During the controlled amortization period,
principal allocations will be paid to noteholders not to exceed the applicable
controlled amortization amount.
    Rental Car Finance Corp. (RCFC) is a special purpose, bankruptcy-remote
corporation, which is a wholly owned subsidiary of Dollar Thrifty Automotive
Group, Inc. (DTAG).  RCFC has been formed for the sole purpose of purchasing
vehicles, which will be subsequently leased under a lease agreement to DTAG's
subsidiaries, Dollar Rent-A-Car Systems, Inc. and Thrifty Rent-A-Car System,
Inc., for use in their respective daily domestic rental operations.  The
assets of RCFC consist of vehicles, which include automobiles, purchased by
the issuer from dealers, the lease to DTAG subsidiaries and its rights and
proceeds as lessor, interests in the repurchase programs and all funds on
deposit in the corporation.
    DCR's rating is based on a number of quantitative and qualitative factors,
including: sufficient credit enhancement in the form of overcollateralization
and a letter of credit; fleet management procedures; repurchase programs with
Chrysler and Ford; historical performance and vehicle disposition experience;
and the legal and payment structure of the transaction.
    Credit enhancement on the notes consists of overcollateralization and a
letter of credit provided by Credit Suisse First Boston.  The required
enhancement amount for both the Class B and Class C notes will fluctuate
depending on the mix of repurchase and non-repurchase vehicles.  Required
credit enhancement for the Class A notes is 32.0 percent.  Required credit
enhancement for the Class B notes is 14.5 percent for repurchase cars and
21.5 percent for non-repurchase cars.  Required credit enhancement for the
Class C notes is 10.1 percent for repurchase cars and 15.35 percent for non-
repurchase cars.  The letter of credit provides assurance of timely repayment
of certain obligations due under the notes.

SOURCE  Duff & Phelps Credit Rating Co.