...October 3, 2019 OVERVIEW - NextGear Floorplan Master Owner Trust's issuance is an ABS transaction backed by two revolving pools of receivables and related assets. - We assigned our preliminary ratings to the class A-1/A-2 and B notes. - The preliminary ratings reflect our view of the transaction's credit support, payment structure, and legal structure, among other factors. NEW YORK (S&P Global Ratings) Oct. 3, 2019--S&P Global Ratings today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's asset-backed notes series 2019-2. We assigned our preliminary '### (sf)' rating to the $400.00 million class A-1/A-2 notes and our preliminary 'A (sf)' rating to the $37.35 million class B notes. The note issuance is an ABS transaction 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...
