DBRS Confirms CNH Capital Canada Receivables Trust Series 2009-1

As part of DBRS’s continued effort to provide market participants with updates on an annual basis, DBRS has today confirmed the ratings on the following notes (collectively, the Notes) issued by CNH Capital Canada Receivables Trust (the Trust):

– AAA (sf) Class A Receivable-Backed Notes, Series 2009-1
– AA (sf) Class B Receivable-Backed Notes, Series 2009-1

The rating confirmation is based on the analysis of the performance of the collateral and the levels of credit enhancement available to the Notes. Overall, the underlying assets have performed well within expected ranges, while credit enhancement has increased to provide additional level of protection to the Noteholders.

Note:
The applicable methodologies are Rating Canadian Equipment Finance Securitization, Legal Criteria for Canadian Structured Finance and Canadian Structured Finance Surveillance, which are available on our website under Methodologies.