DBRS Assigns Ratings to CNH Capital Canada Receivable-Backed Notes, Series 2017-2

DBRS Limited (DBRS) assigned the following ratings to the CNH Capital Canada Receivable-Backed Notes, Series 2017-2, issued by CNH Capital Canada Receivables Trust (the Trust):

-- AAA (sf) to the Class A Receivable-Backed Notes, Series 2017-2 (the Class A Notes)
-- A (sf) to the Class B Receivable-Backed Notes, Series 2017-2 (the Class B Notes)

On closing, the Trust acquired a portfolio of retail instalment sales contracts secured by new and used agricultural equipment and construction equipment (the Portfolio of Assets) originated by CNH Industrial Capital Canada Ltd. in Canada. The Class A Notes and the Class B Notes are structured as sequential pass-through securities with principal and interest paid on a monthly basis from collections on the Portfolio of Assets.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The principal methodologies are Rating Canadian Equipment Finance Securitization Transactions and Legal Criteria for Canadian Structured Finance, which can be found on dbrs.com under Methodologies.

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

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