S&P rates CNH Capital notes BB

Standard & Poor's said it assigned its BB issue rating to CNH Capital LLC's proposed $500 million of senior unsecured notes.

CNH Capital is a wholly owned subsidiary of CNH Global NV. The agency said the ratings on CNH Capital reflect those on CNH Global. S&P views this subsidiary as a core holding of CNH Global given its strategic importance to the parent, CNH Global's ability to influence CNH Capital's actions and the expectation that the parent would provide financial support to the capital company in times of need.

The BB issue rating on CNH Capital's senior unsecured notes also reflects the capital company's heavy reliance on secured debt, primarily through asset-backed security transactions, which S&P considers to have encumbered a significant majority of the assets on its balance sheet.

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