OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed six classes from CNH Equipment Trust 2013-B and 2013-D as follows:

CNH 2013-B
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAAsf'; Outlook Stable;

CNH 2013-D
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAAsf'; Outlook Stable.


The affirmation of the remaining notes in both transactions reflects loss coverage levels consistent with the current ratings. The transactions have continued to perform within Fitch's cumulative net loss (CNL) expectations to date. As of the April 15, 2016 payment date, CNL for the 2013-B and 2013-D stood at 35bps and 33bps, respectively.


Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss expectations, subsequently impacting 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 transactions, 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 presale reports dated August 26, 2013 for 2013-B and November 12, 2013 for 2013-D.

To date, the transactions have exhibited strong performance with losses inside Fitch's initial expectations with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representations and Warranties (R&W) for both transactions can be found in 'CNH Equipment Trusts 2013-B - Appendix' 'CNH Equipment Trusts 2013-D - 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 Global Structured Finance Transactions' dated March 2nd, 2016.


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