DBRS Confirms Rating on Navistar Financial Dealer Note Master Owner Trust II’s (NAVMOT II) Floating Rate Dealer Note Asset Backed Variable Funding Notes, Series 2012-VFN

DBRS, Inc. (DBRS) confirmed the AAA (sf) rating on the following notes issued by Navistar Financial Dealer Note Master Owner Trust II, Series 2012-VFN. The rating confirmation is due to document amendments that extended the revolving period, lowered the credit enhancement level and reduced the size of the facility, as well as the conservative nature of the base case performance variables, sufficient levels of credit enhancement, the current excess spread and the current performance.

-- Class A, issued in an amount of up to $350,000,000

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

The principal methodology is Rating U.S. Wholesale Securitizations, which can be found on dbrs.com under Methodologies.

This rating was not initiated at the request of the rated entity.

The rated entity or its related entities did not 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.

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