DBRS Confirms Outstanding Ratings on Navistar Financial Dealer Note Master Owner Trust II

DBRS, Inc. (“DBRS”) has reviewed Amendment No. 1 to the Pooling and Servicing Agreement and the Amendment No. 1 to the Indenture (the “Amendments”) for Navistar Financial Dealer Note Master Owner Trust II (“NFDNMOTII” or Trust). Based on this review, DBRS is providing that the Amendments will result in rating confirmation of the existing ratings assigned by DBRS to ratings for the Series 2011-1 issued by the Trust.

These reviews were due to a change of indenture trustee. The new indenture trustee is Citibank, N.A. and the old indenture trustee was The Bank of New York Mellon.

DBRS also reviewed performance in the Trust and found the performance has been stable. As of December 2012, three month average average payment rate was 39.94% and the three month average net charge-off rate was 0.0%.

DBRS confirms the ratings for the NFDNMOTII Series 2011-1 as set forth below:

Series 2011-1:
--Class A confirmed at AAA (sf)
--Class B confirmed at AA (sf)
--Class C confirmed at ‘A’ (sf)

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. Auto Wholesale ABS Securitizations, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.