Fitch Ratings has taken rating actions on the following CNH Equipment
Trusts:
2009-C
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook to Stable from
Positive.
2010-B
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook to Stable from
Positive.
The upgrades of the class B notes in both transactions reflect strong
loss coverage and performance within Fitch's initial expectations. As of
the July 2012 reporting period, cumulative net losses total 46 and 25
bps for 2009-C and 2010-B respectively, and are extrapolating below
Fitch's initial base case proxy. Due to amortization, CE continues to
increase for the outstanding notes. As a result, loss coverage levels
have improved for the Class B Notes in each transaction and are now
consistent with an 'AAAsf' rating.
The affirmations of the Class A notes in each transaction reflect loss
coverage levels consistent with current ratings. The Stable Outlook for
all classes reflects Fitch's expectation for loss coverage and credit
enhancement to continue to improve as the transactions amortize.
Fitch will continue to closely monitor these transactions and may take
additional rating action in the event of changes in performance and
credit enhancement measures.
Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Equipment Lease and Loan ABS' (Jan. 11,
2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012).
Applicable Criteria and Related Research:
Criteria for Rating U.S. Equipment Lease and Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663732
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
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IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
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PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
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