DBRS Confirms Ratings on NextGear Floorplan Master Owner Trust

DBRS, Inc. (DBRS) confirmed all outstanding ratings of NextGear Floorplan Master Owner Trust, Series 2015-2, Series 2016-1, Series 2016-2 and Series 2017-1, as credit enhancement levels are sufficient to cover DBRS’s expected losses at its current respective rating levels.

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 NextGear Floorplan Master Owner Trust, Series 2015-2, Series 2016-1, Series 2016-2 and Series 2017-1 reflects the current credit enhancement levels provided by subordination, residual interest and the Reserve Fund. As of the April 2018 payment date, the monthly loss ratio was 0.00% 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 dbrs.com under Methodologies.

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

Please see the related appendix for additional information regarding the 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.