Moody’s Investors Service has affirmed the ratings of thirteen senior securities issued out of John Deere Owner Trust (JDOT) transactions from 2012, 2013 and 2014 vintages. The affirmations affect approximately $1.8 billion of asset based securities.

The transactions are securitizations of U.S. retail installment contracts and loans originated and serviced by John Deere Capital Corporation and backed by agricultural and construction equipment.

The affirmations were mainly prompted by the buildup of credit enhancement due to sequential pay structure and non-declining reserve account. The lifetime cumulative net loss (CNL) expectation for JDOT 2013-B transaction was reduced to 0.25% from 0.40% due to the strong pool performance to date. The CNL expectations for all other transactions remain unchanged and range between 0.25% and 0.55%.

The full release from Moody’s can found here.