Moody's rates CNH Capital Canada notes Aaa(sf)

Moody's Investors Service said it assigned definitive ratings to the issues of CNH Capital Canada Receivables Trust 2011-1 (CCCRT 2011-1), sponsored by CNH Capital Canada Ltd., an affiliate of CNH Global NV.

The agency assigned Aaa(sf) ratings to CNH Capital Canada Receivables Trust 2011-1's $207.345 million 1.694% class A-1 notes and its $232.583 million 2.338% class A-2 notes, along with an A1(sf) rating to its $10.818 million 3.444% class B notes.

The ratings are based primarily on the credit quality of the collateral, the historical performance of similar collateral originated by the sponsor, the servicing ability of CNH Capital Canada, the back-up servicing arrangement and the servicing ability of Systems & Services Technologies, Inc., and the level of credit enhancement available under the capital structure, Moody's said.

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