DBRS Comments on Issuance of CNH Capital Canada Wholesale Trust Series CW2010-1

DBRS notes that CNH Capital Canada Wholesale Trust (the Trust) entered into an agreement on September 24, 2010, whereby it issued asset-backed notes Series CW2010-1.

The Series CW2010-1 Notes were issued by the Trust subsequent to its acquisition of a portfolio of receivables and related collateral security pursuant to the sale and servicing agreement executed on November 30, 2009. The receivables relate to floorplan financing advances made by CNH Capital Canada Ltd. (CNH) to CNH dealers in Canada to support the dealers’ purchase of new and used agricultural and construction equipment and parts, equipment for their equipment rental business and to place equipment in dealer rent-to-own programs.

At this time, although the noteholders of the Series CW2010-1 Notes have a claim on the same pool of receivables as the Series CW2009-1 noteholders, DBRS notes that there is no impact on the ratings of the Series CW2009-1, Class A Notes or the Series CW2009-1, Class B Notes issued by the Trust on November 30, 2009.

Note:
The applicable methodology is Canadian Wholesale Floorplan Methodology, which can be found on our website under Methodologies.