DBRS Confirms Ratings on CNH Wholesale Master Note Trust Series 2011-1

DBRS, Inc. (DBRS) has today confirmed the ratings on CNH Wholesale Master Note Trust Series 2011-1. The confirmation is based on a review by DBRS of the extension of the expected maturity dates for a series in the master trust. The series 2003-3 expected maturity date has been extended one year from July 2012 to April 2013. The confirmation is also based on the performance variables in the master trust which remain in line with DBRS expectations.

DBRS confirmed the following ratings in the CNH Wholesale Master Note Trust:
--Series 2011-1, Class A rated AAA (sf)
--Series 2011-1, Class B rated ‘A’ (sf)

Notes:
The applicable methodologies are the DBRS Master U.S. ABS Surveillance Methodology and Rating U.S. Wholesale Auto Securitizations which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.