OREANDA-NEWS. Fitch Ratings has affirmed all classes of CNH Equipment Trust 2015-C at their current ratings, as follows:

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

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

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

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

--Class B at 'A+sf'; Outlook Revised to Positive from Stable.

KEY RATING DRIVERS

The affirmations of the Class A and B notes reflect loss coverage levels consistent with the current ratings. As of the June 2016 reporting period, cumulative net losses totaled 13 basis points, and the transaction is extrapolating below Fitch's initial base case loss proxy. The Stable Outlook for the outstanding class A notes reflects Fitch's expectation for loss coverage and credit enhancement to continue to improve as the transaction amortizes, while the Outlook revision to Positive for the class B notes reflects the possibility for further positive rating action in the next 6 to 12 months.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy which would impact available loss coverage. Lower loss coverage could impact ratings and rating outlooks, depending on the extent of the decline in coverage.

In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to 1.5x and 2.5x higher of Fitch's base case loss expectations. Initial key rating drivers and rating sensitivities are further described in the new issue report dated August 6, 2015.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.