DBRS Confirms Ratings on DSC Floorplan Master Owner Trust, Series 2011-1

DBRS, Inc. (“DBRS”) confirms the existing ratings for the DSC Floorplan Master Owner Trust, Series 2011-1, Class A at “AAA (sf)” and the Series 2011-1, Class B at “BBB (sf)”.

The rating action was initiated since the issuer indicated series 2011-VFN1 will be paid down and they will issue an unrated series, 2012-VFN1. The rating confirmation was based on a review of the performance of the series and the related structural mechanics and triggers. DBRS initially issued ratings to two series in the master trust in 2011: DSC Floorplan Master Owner Trust, Series 2011-1 (issued in March 2011) and Series 2011-VFN (issued in April 2011). The two series share used vehicle collateral on a pari-passu basis, however the 2011-VFN1 and new 2012-VFN1 series have a broader eligible asset base (leases and powersports, amongst other items).

Notes:
The applicable methodology is Rating U.S. Wholesale Securitizations, January 2010 and Legal criteria for U.S. Structured Finance Transactions, September 2009, which can be found on our website under Methodologies.