DBRS Confirms CNH Wholesale Master Note Trust Series 2013-2 Ratings and Removes from Under Review-Developing

DBRS, Inc. (DBRS) has today confirmed the ratings of CNH Wholesale Master Note Trust Series 2013-2 and has removed the ratings from Under Review with Developing Implications. DBRS conducted a review of the CNH Wholesale Master Note Trust Series 2013-2 BAS transaction and placed the ratings Under Review with Developing Implications upon the publication of two updated DBRS rating methodologies entitled “Rating U.S. Wholesale Securitizations” and “Unified Interest Rate Model for Rating U.S. Wholesale ABS Transactions” on February 2, 2015.

Existing credit enhancement levels provide sufficient support to withstand stresses contained in the new rating methodologies.

Notes:
The applicable methodologies are Rating U.S. Wholesale Securitizations, Unified Interest Rate Model for Rating U.S. Wholesale ABS Transactions and DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

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