DBRS Confirms Navistar Financial Dealer Note Master Owner Trust II Ratings and Removes Under Review with Developing Implications Status

DBRS, Inc. (DBRS) has today confirmed nine publicly rated securities contained in three asset-backed securities transactions issued by Navistar Financial Dealer Note Master Owner Trust II. The ratings had been placed Under Review with Developing Implications upon the publication of 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. All the securities were confirmed at their current ratings as existing credit enhancement levels provide sufficient support to withstand stresses contained in the new rating methodologies.

The following transactions have been reviewed:
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2013-2
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN

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.