Fitch Affirms Outstanding Ratings of the GE Dealer Floorplan Master Note Trust, Series 2012-1

CHICAGO--()--Fitch Ratings has affirmed the following outstanding ratings of the series 2012-1 notes issued by the GE Dealer Floorplan Master Note Trust (GE DFMNT), as a result of its annual review of the trust:

--$750,000,000 class A notes at 'AAAsf', Outlook Stable;

--$15,789,500 class B notes at 'Asf', Outlook Stable;

--$23,684,000 class C notes at 'BBBsf', Outlook Stable.

The affirmation on the notes is reflective of the available loss coverage from credit enhancement in the form of subordination that includes an unrated class D note and a 2.38% cash reserve account consistent and stable performance of the trust collateral, which continues to perform within Fitch's expectations.

The rating actions are based on the application of Fitch's Global Dealer Floorplan (DFP) ABS criteria. In applying its DFP rating criteria, Fitch determined GE DFMNT to be a Category A platform, which GE DFMNT is it assigned as. Based on its low systemic risk profile, Fitch's analysis embodied two distinct approaches - Concentration Coverage base case approach, and the Historical Default Multiplier approach. Under each approach the trust was able to withstand stresses commensurate with Fitch's assigned ratings and Rating Outlooks.

The assets securing the notes consist of an undivided interest in a pool of diversified revolving DFP receivables that were originated by GE Commercial Distribution Finance and other originators, and are utilized to provide wholesale financing to U.S. dealers and are secured by the products financed. GE DFMNT is backed by products from approximately 12 different product lines, including marine, recreational vehicles, motor sports, power sports, consumer electronics and appliances and transportation.

GE DFMNT is serviced by General Electric Capital Corp. Fitch will continue to monitor GE DFMNT and may take additional rating action in the event of changes in performance and/or credit enhancement.

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:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 22, 2013);

--'Global Rating Criteria for Structured Finance' (June. 6, 2012).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=698609

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690203

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Contacts

Fitch Ratings
Primary Analyst:
Juveria Mozaffar, +1-312-606-2335
Director
Fitch, Ratings Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Brad Sohl, +1-312-368-3127
Senior Director
or
Sandro Scenga, +1-212-908-0278
New York, Media Relations
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
Juveria Mozaffar, +1-312-606-2335
Director
Fitch, Ratings Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Brad Sohl, +1-312-368-3127
Senior Director
or
Sandro Scenga, +1-212-908-0278
New York, Media Relations
sandro.scenga@fitchratings.com