...- NextGear Floorplan Master Owner Trust's issuance is an ABS securitization backed by two revolving pools of receivables and related assets. - We assigned our preliminary ratings to the class A and B notes. - The preliminary ratings reflect our view of the transaction's credit enhancement and underlying payment and legal structures, among other factors. TORONTO (S&P Global Ratings) March 7, 2022--S&P Global Ratings today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's series 2022-1 asset-backed notes (see list). The note issuance is an ABS securitization backed by two revolving pools of receivables and related assets. 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, light-duty trucks, and related assets. Asset group 2 consists primarily of receivables secured by the dealers' inventory of salvage vehicles,...
