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Fitch: No Impact on GE DFMNT's Outstanding Ratings from 2014 Program Amendments

NEW YORK--(BUSINESS WIRE)--Several trust-level amendments were made to the GE Dealer Floorplan Master Note Trust (GE DFMNT) by General Electric Capital Corporation (GECC), the Master Servicer of the trust. Fitch does not expect any material impact from any of these amendments on the trust asset composition, asset performance, credit enhancement or outstanding ratings as they pertain to the 10 series rated by Fitch. A full list of ratings follows at the end of this release.

The Q3 2014 trust amendments include the following items:

--Several amendments, restatements and disaggregation of several key trust level documents;

--The ability to have additional Asset-Based Lending (ABL) receivables included into the trust from existing originators;

--Increase of the Recreational Vehicles (RV) concentration limit in the trust to 17.5% from 15.0%;

--Clarification of credit and collection policies definitions and cross references to defined terms;

--Provide that ineligible accounts can alternatively be reassigned to CDF Funding Inc. the depositor and further reassigned to the applicable originator; and

--Expand the ability of the trust to transfer delinquent receivables to CDF Funding, Inc. the Depositor, to include receivables of a dealer subject to bankruptcy proceedings, subject to limits.

Fitch assessed these amendments in relation to the potential impact on current and future trust performance and asset composition. These amendments are not expected to have a material impact on the trust's asset composition and performance metrics. Additionally, there is no material impact on Fitch's credit analysis of the trust and its outstanding series, including no material change in the cumulative net loss proxy previously determined.

Accordingly, Fitch expects no immediate changes to the loss coverage levels and corresponding ratings on the outstanding series rated by Fitch. The assessment of the trust is 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.

GE DFMNT outstanding ratings:

Series 2008-A

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2011-1

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2011-A

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2012-1

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2012-2

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2012-3

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2012-4

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable.

Series 2013-1

--Class A notes 'AAAsf'; Outlook Stable;

--Class B notes 'Asf'; Outlook Stable;

--Class C notes 'BBBsf'; Outlook Stable

Series 2013-A

--Class A notes 'AAAsf'; Outlook Stable;

Series 2013-B

--Class A notes 'AAAsf'; Outlook Stable;

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 20, 2014).

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=748821

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Contacts

Fitch Ratings
Primary Analyst
Hylton Heard
Senior Director
+1-212-908-0214
33 Whitehall Street
New York, NY 10004
or
Surveillance Analyst
Khadija El Mediouri
Analyst
+1-212-908-9109
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com