...OVERVIEW + NextGear Floorplan Master Owner Trust's issuance is an ABS securitization backed by two revolving pools of auto receivables and related assets. + We assigned our preliminary ratings to the class A-1, A-2, B-1, and B-2 notes. + The preliminary ratings reflect our view of the transaction's hard credit support, the collateral portfolio's credit quality, and NextGear Capital Inc.'s servicing experience, among other factors. SAN FRANCISCO (S&P Global Ratings) April 20, 2017--S&P Global Ratings today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's $437.35 million asset-backed notes series 2017-1 (see list). The note issuance is an asset-backed securities securitization backed by two revolving pools of receivables and related assets (Asset Groups 1 and 2). Asset Group 1 consists of dealer floorplan receivables to primarily independent auto dealers and, to a lesser extent, franchised auto dealers secured by the dealers' inventory of new and used automobiles...
