DBRS Assigns Rating on DSC Floorplan Master Owner Trust Series 2012-VFN1

DBRS, Inc. (DBRS) assigns a AAA (sf) rating on the Class A notes issued by DSC Floorplan Master Owner Trust, Series 2012-VFN1. DBRS also confirms the existing ratings for the DSC Floorplan Master Owner Trust, Series 2011-1, at AAA (sf) for the Class A and BBB (sf) for the Class B.

The rating actions were initiated since the issuer issued series 2012-VFN1 in conjunction with the paydown of series 2011-VFN1 on March 1. 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 in March 2011 on DSC Floorplan Master Owner Trust, Series 2011-1. The two outstanding series share used vehicle collateral on a pari-passu basis, however the 2012-VFN1 series has a broader eligible asset base (leases and powersports, amongst other items).

Notes:
The applicable methodologies are Rating U.S. Wholesale Auto Securitizations and the Legal criteria for U.S. Structured Finance Transactions, which can be found on our website under Methodologies.