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

DBRS, Inc. (DBRS) has today confirmed ratings on the following Notes issued by Navistar Financial Dealer Note Master Owner Trust (NAVMOT) II (the Issuer). The rating confirmation was due to a change of ownership and there were no other material document amendments. The issuer in question is NAVMOT II. The series that was amended is:

-- Series 2012-VFN Notes issued in an amount of up to $500,000,000 at AAA (sf)

In addition, in line with this rating confirmation, DBRS has today confirmed the outstanding ratings on the following Notes:

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

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

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

The confirmations of Series 2014-1 and 2015-1 were due to the conservative nature of the base case performance variables, sufficient levels of credit enhancement, the current excess spread and the current performance.

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

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

This rating is 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.