DBRS Confirms Ratings on Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN, Series 2015-1 and Series 2016-1

DBRS, Inc. (DBRS) has today confirmed the ratings on the following notes issued by Navistar Financial Dealer Note Master Owner Trust II:

-- Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN, Class A rated AAA (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1, Class A rated AAA (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1, Class B rated AA (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1, Class C rated A (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2015-1, Class D rated BBB (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2016-1, Class A rated AAA (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2016-1, Class B rated AA (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2016-1, Class C rated A (sf)
-- Navistar Financial Dealer Note Master Owner Trust II, Series 2016-1, Class D rated BBB (sf)

The confirmations were a result of the conservative nature of base-case performance variables, sufficient levels of credit enhancement, current excess spread and current performance.

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

The principal methodology is Rating U.S. Equipment Lease and Loan Securitizations, 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 the accounts and other 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.