NextGear Floorplan Master Owner Trust?s $328.012 Million Asset-Backed Notes Series 2016-1 Assigned Preliminary Ratings

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. NEW YORK (Standard&Poor's) April 19, 2016--Standard&Poor's Ratings Services today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's $328.012 million asset-backed notes series 2016-1 (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

...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. NEW YORK (Standard & Poor's) April 19, 2016--Standard & Poor's Ratings Services today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's $328.012 million asset-backed notes series 2016-1 (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 secured by the dealer's inventory of used automobiles and light-duty trucks and related assets. Asset Group 2 consists...

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