Fitch Affirms CNH Equipment Trust 2011-C

NEW YORK--()--Fitch Ratings has affirmed CNH Equipment Trust 2011-C as follows:

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class A-3 at 'AAAsf'; Outlook Stable;

--Class A-4 at 'AAAsf'; Outlook Stable;

--Class B at 'Asf'; Outlook revised to Positive from Stable.

The affirmations of the Class A and B notes in the transaction reflect loss coverage levels consistent with their respective ratings. Performance has been strong to date as cumulative net losses are extrapolating below Fitch's initial base case proxy. Due to strong collateral performance and amortization, credit enhancement has increased for the outstanding notes. The revised Outlook to Positive on Class B reflects the possibility for positive rating action in the near future as losses track below initial expectations and credit support is expected to continue to increase.

Fitch will continue to monitor this transaction and may take additional rating actions 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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Contacts

Fitch Ratings
Primary Analyst
Thomas Kaiser, CPA
Analyst
+1-312-368-3338
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Thomas Kaiser, CPA
Analyst
+1-312-368-3338
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com