OREANDA-NEWS. Fitch Ratings affirms John Deere Owner Trusts (JDOT) 2013 & 2014 as follows:

JDOT 2013
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

JDOT 2014
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

The affirmations of the class A notes reflect loss coverage levels consistent with the current ratings. As of the February 2015 reporting period, cumulative net losses totaled 8 basis points and 7 basis points for JDOT 2013 and 2014, respectively. Both transactions are forecasting below each of Fitch's initial base case proxies. The Stable Outlook for all classes reflects Fitch's expectation for loss coverage and credit enhancement to continue to improve as the transactions amortize.


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 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 new issue report published April 1, 2013 for JDOT 2013 and the presale for JDOT 2014 was published on April 9, 2014.

To date, the transactions have exhibited strong performance with losses well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, continued strong performance for these transactions would most likely result in stable ratings. Conversely, 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) of JDOT 2013 and JDOT 2014 can be found in 'John Deere Owner Trust 2013 - Appendix' and 'John Deere Owner Trust 2014 - Appendix', respectively. 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 Oct. 31, 2014.