DBRS Finalizes Provisional Ratings on Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1

DBRS, Inc. has today finalized its provisional ratings on the following notes issued by Navistar Financial Dealer Note Master Owner Trust II (the Trust), Series 2015-1 (the Series 2015-1 Notes):

-- Series 2015-1 Notes, Class A rated AAA (sf)
-- Series 2015-1 Notes, Class B rated AA (sf)
-- Series 2015-1 Notes, Class C rated A (sf)
-- Series 2015-1 Notes, Class D rated BBB (sf)

In addition, DBRS confirms the existing ratings on all outstanding Series rated by DBRS within the the Trust. The confirmations take into consideration the issuance of the Series 2015-1 Notes as well as historical Trust performance.

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

The applicable methodology is Rating U.S. Wholesale Securitizations, which can be found on our website under Methodologies.

Ratings

Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-15	Class A	AAA (sf)	--	Confirmed	US

More

Navistar Financial Dealer Note Master Owner Trust II, Series 2013-2

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-15	Class A	AAA (sf)	--	Confirmed	US E
27-Jul-15	Class B	AA (sf)	--	Confirmed	US E
27-Jul-15	Class C	A (sf)	--	Confirmed	US E
27-Jul-15	Class D	BBB (sf)	--	Confirmed	US E

More

Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-15	Class A	AAA (sf)	--	Confirmed	US
27-Jul-15	Class B	AA (sf)	--	Confirmed	US
27-Jul-15	Class C	A (sf)	--	Confirmed	US
27-Jul-15	Class D	BBB (sf)	--	Confirmed	US

More

Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-15	Series 2015-1 Notes, Class A	AAA (sf)	--	Provis.-Final	US
27-Jul-15	Series 2015-1 Notes, Class B	AA (sf)	--	Provis.-Final	US
27-Jul-15	Series 2015-1 Notes, Class C	A (sf)	--	Provis.-Final	US
27-Jul-15	Series 2015-1 Notes, Class D	BBB (sf)	--	Provis.-Final	US

More

Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN

Class A

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Navistar Financial Dealer Note Master Owner Trust II, Series 2013-2

Class A

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1

Class A

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jul 27, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1

Series 2015-1 Notes, Class A

Date Issued:Jul 27, 2015
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class B

Date Issued:Jul 27, 2015
Rating Action:Provis.-Final
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class C

Date Issued:Jul 27, 2015
Rating Action:Provis.-Final
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class D

Date Issued:Jul 27, 2015
Rating Action:Provis.-Final
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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