...OVERVIEW + NextGear Floorplan Master Owner Trust's series 2020-1 issuance is an ABS securitization backed by two revolving pools of receivables and related assets (asset groups 1 and 2). + 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 underlying payment and legal structures, and cash flow mechanics, our expectation of the timely payments of periodic interest and principal, and our view of the collateral portfolio's credit quality, among other factors. CENTENNIAL (S&P Global Ratings) March 2, 2020--S&P Global Ratings today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's series 2020-1 asset-backed notes (see list). The note issuance is an ABS 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...
