OREANDA-NEWS. Fitch Ratings has taken the following rating actions on CNH Equipment Trust 2013-A:

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive.

KEY RATING DRIVERS

The affirmation of the class A notes and upgrade for the class B notes reflects loss coverage levels consistent with an 'AAAsf' rating. The Stable Outlook reflects Fitch's expectation for loss coverage and credit enhancement to continue to improve as the transaction amortizes. As of the March 2015 reporting period, cumulative net losses totaled 16 basis points (bps) for 2013-A. Loss performance is forecasting below Fitch's initial base case loss proxy.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy, which would impact available loss coverage. Lower loss coverage could affecr ratings and Rating Outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to 1.5x and 2.5x higher of Fitch's base case loss expectation. Initial key rating drivers and rating sensitivities are further described in the presale reports dated Feb. 11, 2013.

To date, the transaction has exhibited strong performance with losses within Fitch's initial expectations, resulting rising loss coverage and multiple levels. As such, continued strong performance would most likely result in ratings remaining stable. Conversely, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representations and Warranties (R&W) for the 2013-A transaction can be found in 'CNH Equipment Trust 2013-A - Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.