DBRS Limited (DBRS Morningstar) upgraded the following notes issued by CNH Capital Canada Receivables Trust as part of DBRS Morningstar's continued effort to provide market participants with updates on an annual basis.

Class B Receivable-Backed Notes, Series 2018-2 (the Series 2018-2, Class B Notes) to AA (sf) from A (sf)

DBRS Morningstar also confirmed the ratings of the following notes (collectively with the Series 2018-2, Class B Notes, the Notes):

Class A Receivable-Backed Notes, Series 2016-1 at AAA (sf)

Class B Receivable-Backed Notes, Series 2016-1 at AA (sf)

Class A-2 Receivable-Backed Notes, Series 2017-1 (the Series 2017-1, Class A-2 Note) at AAA (sf)

Class B Receivable-Backed Notes, Series 2017-1 (the Series 2017-1, Class B Note, collectively with the Series 2017-1, Class A-2 Note, the Series 2017-1 Notes) at AA (sf)

Class A Receivable-Backed Notes, Series 2017-2 at AAA (sf)

Class B Receivable-Backed Notes, Series 2017-2 at AA (sf)

Class A-2 Receivable-Backed Notes, Series 2018-1 (the Series 2018-1, Class A-2 Note) at AAA (sf)

Class A Receivable-Backed Notes, Series 2018-2 at AAA (sf)

Class A-1 Receivable-Backed Notes, Series 2019-1 (the Series 2019-1, Class A-1 Note) at AAA (sf)

Class A-2 Receivable-Backed Notes, Series 2019-1 (collectively with the Series 2019-1, Class A-1 Note, the Series 2019-1, Class A Notes) at AAA (sf)

The ratings are based on the following factors as of January 2020:

(1) High levels of credit enhancement are available to protect all of the Notes. Credit protection to the Series 2017-1 Notes, Series 2018-1 Notes, and Series 2019-1 Notes are provided by a spread account and subordination.

(a) The spread account for the Series 2017-1 Notes has increased to 7.9% of the outstanding pool balance as of January 2020 from 5.9% as of January 2019. The Series 2017-1, Class A-2 Note is also protected by subordination of the Series 2017-1, Class B Note, equal to 11.0% of the current outstanding balance.

(b) The spread account for the Series 2018-1 Notes has grown to 5.5% of the outstanding balance as of January 2020 compared with 3.4% as of January 2019. The Series 2018-1, Class A-2 Note benefits from the subordination of the Series 2018-1, Class B Note, equal to 5.8% of the current outstanding balance.

Since issuance, the spread account for the Series 2019-1 Notes has grown to 3.0% of the outstanding balance as of January 2020 compared with 2.2% in June 2019. The Series 2019-1, Class A Notes benefit from the subordination of the unrated Series 2019-1, Class B Note, equal to 3.0% of the current outstanding balance.

(2) The Notes are also protected by excess spread, which is available to cover monthly credit losses and any arising replacement servicer costs.

(3) Subject to the performance of the assets, the spread account is permitted to decrease up to four times on a predetermined schedule as the transaction amortizes. The step-downs are subject to both delinquency and cumulative loss tests.

(4) The collateral for all series of notes has been performing well, with the cumulative loss rate for all series performing within DBRS Morningstar's expectations.

(5) Strong experience of CNH Industrial Capital Canada Ltd. (a wholly owned subsidiary of CNH Industrial N.V., rated BBB (low) with a Stable trend by DBRS Morningstar) in origination and servicing of equipment loans and leases.

DBRS Morningstar monitors the performance of the transaction to identify any deviation from DBRS Morningstar's expectations at issuance and to ensure the ratings remain appropriate. The review is predicated upon the timely receipt of performance information from the related providers. The performance and characteristics of the equipment finance portfolio and the Notes are available and updated each month in the Monthly Canadian ABS Report.

Notes:

All figures are in Canadian dollars unless otherwise noted.

The principal methodology is the Master Canadian Structured Finance Surveillance Methodology (June 2019), which can be found on dbrs.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

DBRS Limited

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Toronto, ON M5H 3M7 Canada

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

18-Feb-20	Class A Receivable-Backed Notes, Series 2016-1	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class A Receivable-Backed Notes, Series 2017-2	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class A Receivable-Backed Notes, Series 2018-2	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class A-1 Receivable-Backed Notes, Series 2019-1	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class A-2 Receivable-Backed Notes, Series 2017-1	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class A-2 Receivable-Backed Notes, Series 2018-1	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class A-2 Receivable-Backed Notes, Series 2019-1	Confirmed	AAA (sf)	--	CA
18-Feb-20	Class B Receivable-Backed Notes, Series 2016-1	Confirmed	AA (sf)	--	CA
18-Feb-20	Class B Receivable-Backed Notes, Series 2017-1	Confirmed	AA (sf)	--	CA
18-Feb-20	Class B Receivable-Backed Notes, Series 2017-2	Confirmed	AA (sf)	--	CA
18-Feb-20	Class B Receivable-Backed Notes, Series 2018-2	Upgraded	AA (sf)	--	CA

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