DBRS Finalizes Its Provisional Ratings on Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1

DBRS has today finalized its provisional ratings on the following notes issued by Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1:

-- Series 2014-1 Notes, Class A rated AAA (sf)
-- Series 2014-1 Notes, Class B rated AA (sf)
-- Series 2014-1 Notes, Class C rated A (sf)
-- Series 2014-1 Notes, Class D rated BBB (sf)

In addition, DBRS confirms the existing ratings on all outstanding Series rated by DBRS within the Navistar Financial Dealer Note Master Owner Trust II (the Trust). The confirmations take into consideration amendments with respect to the Trust, the issuance of the Series 2014-1 Notes, as well as historical Trust performance.

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

The applicable methodology is Rating U.S. Wholesale Auto 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.

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

DBRS’s rating definitions and the terms of use of such ratings are available at www.dbrs.com.