Fitch Ratings has taken the following rating actions on three classes of CNH Equipment Trust 2014-C:

• 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.

Fitch said the affirmation of class A and upgrade for class B 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 August 2016 reporting period, cumulative net losses totaled 39 basis points (bps) for 2014-C. Loss performance is performing below Fitch’s initial base case loss proxy.

Fitch noted unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact 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 a 1.5x and 2.5x increase of Fitch’s base case loss expectation. To date, the transaction has exhibited stable performance with losses within Fitch’s initial expectations with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.