DBRS Assigns Ratings to CNH Capital Canada Receivables Trust Series 2012-1 Class A and Class B Notes

DBRS has today assigned ratings of AAA (sf) to the Class A Receivable-Backed Notes, Series 2012-1, and A (sf) to the Class B Receivable-Backed Notes, Series 2012-1 (the Notes), issued by CNH Capital Canada Receivables Trust. The Notes are backed by a pool of retail loan contracts secured by new and used agricultural and construction equipment originated entirely in Canada. The Notes were issued on a private placement basis and are structured as sequential pass-through securities with principal and interest paid on a monthly basis from collections on receivables.

In conjunction with the issuance of the Notes, DBRS has also confirmed ratings on the following outstanding rated notes of the Trust:

-- Class A Receivable-Backed Notes, Series 2009-1 (AAA (sf))
-- Class B Receivable-Backed Notes, Series 2009-1 (AA (sf))
-- Class A-2 Receivable-Backed Notes, Series 2010-1 (AAA (sf))
-- Class B Receivable-Backed Notes, Series 2010-1 (AA (sf))
-- Class A-1 Receivable-Backed Notes, Series 2011-1 (AAA (sf))
-- Class A-2 Receivable-Backed Notes, Series 2011-1 (AAA (sf))
-- Class B Receivable-Backed Notes, Series 2011-1 (A (sf))

Note:
The applicable methodologies are Rating Canadian Equipment Finance Securitization (April 2011) and Legal Criteria for Canadian Structured Finance (September 2012), both of which can be found on our website under Methodologies.