Fitch Affirms GE Dealer Floorplan Master Note Trust

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

Series 2008-A

Class A notes affirmed at 'AAAsf', Outlook Stable;

Class B notes affirmed at 'Asf', Outlook Stable;

Class C notes affirmed at 'BBBsf', Outlook Stable.

Series 2011-1

Class A notes affirmed at 'AAAsf', Outlook Stable;

Class B notes affirmed at 'Asf', Outlook Stable;

Class C notes affirmed at 'BBBsf', Outlook Stable.

Series 2012-2

Class A notes affirmed at 'AAAsf', Outlook Stable;

Class B notes affirmed at 'Asf', Outlook Stable;

Class C notes affirmed at 'BBBsf', Outlook Stable.

Series 2012-3

Class A notes affirmed at 'AAAsf', Outlook Stable;

Class B notes affirmed at 'Asf', Outlook Stable;

Class C notes affirmed at 'BBBsf', Outlook Stable.

Series 2012-4

Class A notes affirmed at 'AAAsf', Outlook Stable;

Class B notes affirmed at 'Asf', Outlook Stable;

Class C notes affirmed at 'BBBsf', Outlook Stable.

Series 2013-1

Class A notes affirmed at 'AAAsf', Outlook Stable;

Class B notes affirmed at 'Asf', Outlook Stable;

Class C notes affirmed at 'BBBsf', Outlook Stable.

Series 2013-A

Class A notes affirmed at 'AAAsf', Outlook Stable.

Series 2013-B

Class A notes affirmed at 'AAAsf', Outlook Stable.

KEY RATING DRIVERS

The affirmation on the notes is reflective of the available loss coverage from credit enhancement and stable trust performance, which continues to be within Fitch's expectations.

The rating actions are based on the application of Fitch's Global Dealer Floorplan (DFP) ABS criteria. Fitch determined GE DFMNT to be a Category A platform under the criteria. Based on its low systemic risk profile, Fitch's analysis embodied the historical default multiplier approach. Under the approach, the trust was able to withstand stresses commensurate with Fitch's assigned ratings and rating outlooks.

Fitch will continue to monitor GE DFMNT and may take additional rating action in the event of changes in performance, and/or credit enhancement.

RATING SENSITIVITY

To conduct rating sensitivity for the issued notes, under a category A DFP platform, Fitch assumes portfolio default levels at 5%, 15%, and 25% and under two recovery level scenarios of 50% and 30%. Fitch modeled the Series with the assumption that the above defaults have occurred, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

Fitch's analysis of the Representation and Warranties (R&W) of these transactions can be found in GE Dealer Floorplan Master Note Trust Series - Appendix. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions' dated April 17, 2012.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 13, 2014);

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'GE Dealer Floorplan Master Note Trust 2012-2 Appendix' (May 8, 2012);

--'GE Dealer Floorplan Master Note Trust 2012-3 Appendix' (July 24, 2012);

--'GE Dealer Floorplan Master Note Trust 2012-4 Appendix' (Nov. 1, 2012);

--'GE Dealer Floorplan Master Note Trust 2013-1 Appendix' (April 22, 2013).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=728236

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

GE Dealer Floorplan Master Note Trust, Series 2012-2 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678755

GE Dealer Floorplan Master Note Trust, Series 2012-4 Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=694391

GE Dealer Floorplan Master Note Trust, Series2013-1 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706823

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=826153

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Khadija El Mediouri
Analyst
+1-212-908-9109
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard
Senior Director
+1-212-908-0214
or
Committee Chairperson
John Bella Managing Director
+1-212-908-0243
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Khadija El Mediouri
Analyst
+1-212-908-9109
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard
Senior Director
+1-212-908-0214
or
Committee Chairperson
John Bella Managing Director
+1-212-908-0243
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York
sandro.scenga@fitchratings.com