DBRS Confirms Outstanding Ratings on Navistar Financial Dealer Note Master Owner Trust Series 2011-1

DBRS, Inc. (DBRS) has confirmed its outstanding ratings on the Navistar Financial Dealer Note Master Owner Trust Series 2011-1 pursuant to the issuance of the Series 2012-VFN Floating Rate Dealer Note Asset Backed Variable Funding Notes. The terms of the Series 2012-VFN Supplement are substantially similar to those of other outstanding Series.

DBRS also reviewed the recent performance of the trust and determined performance has been stable and in line with expectations.

Note:
The applicable methodology is 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.