Fitch Affirms GE Dealer Floorplan Master Note Trust Series 2012-1

Fitch Ratings has affirmed the following outstanding ratings of the series 2012-1 notes issued by GE Dealer Floorplan Master Note Trust (GE DFMNT), as a result of its annual review of the trust:

--Class A notes at 'AAAsf', Outlook Stable;
--Class B notes at 'Asf', Outlook Stable;
--Class C notes at 'BBBsf', Outlook Stable.

KEY RATING DRIVERS

The affirmation on the notes is reflective of the available loss coverage from credit enhancement and stable 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. In applying its DFP rating criteria, Fitch determined GE DFMNT to be a Category A platform. Based on its low systemic risk profile, Fitch's analysis embodied two distinct approaches - Concentration Coverage base case approach, and the Historical Default Multiplier approach. Under each 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 2012-1 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 this transaction can be found in 'GE Dealer Floorplan Master Note Trust 2012-1- 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, Series 2012-1-Appendix' (Feb. 13, 2012).

Applicable Criteria and Related Research:
GE Dealer Floorplan Master Note Trust, Series 2012-1 -- Appendix
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=671730
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Global Rating Criteria for Dealer Floorplan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=728236

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=817370
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