DBRS Issues Ratings on Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN

DBRS, Inc. (DBRS) has issued AAA (sf) ratings on Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN. In line with this rating assignment, DBRS also provided rating confirmations to Series 2011-1 and 2013-1.

The Series 2012-VFN is a variable funding note whose investors include a series of banks.

The confirmation of Series 2011-1 and 2013-1 was due to the conservative nature of the base case performance variables, sufficient levels of credit enhancement, the current excess spread and the current performance.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Equipment Lease and Loan Securitizations, which can be found on our website under Methodologies.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

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