DBRS Confirms Ratings on NCF Dealer Floorplan Master Trust, Series 2014-1 and 2016-1

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities with five outstanding publicly rated classes. DBRS has confirmed the five publicly rated classes as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were reviewed:
-- NCF Dealer Floorplan Master Trust, Series 2014-1
-- NCF Dealer Floorplan Master Trust, Series 2016-1

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and historical performance.

The confirmation of the outstanding ratings of NCF Dealer Floorplan Master Trust, Series 2014-1 reflects the current credit enhancement levels provided by subordination, the Reserve Account and overcollateralization. As of the May 2016 payment date, the monthly net loss ratio was 0.11% of the original collateral balance.

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

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.