DBRS Assigns Ratings to CNH Capital Canada Receivables Trust Series 2018-2 Notes

DBRS Limited (DBRS) assigned the following ratings to the Receivable-Backed Notes, Series 2018-2 issued by CNH Capital Canada Receivables Trust (the Trust):

-- AAA (sf) to the Class A Receivable-Backed Notes, Series 2018-2 (the Class A Notes)
-- A (sf) to the Class B Receivable-Backed Notes, Series 2018-2 (the Class B Notes)

On closing, the Trust acquired a portfolio of retail installment sales and finance lease 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:
The principal methodology is Rating Canadian Equipment Finance Securitization Transactions, which can be found on dbrs.com under Methodologies.

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 under Related Documents or by contacting us at info@dbrs.com.]

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.