OREANDA-NEWS. Fitch Ratings has assigned the following rating to GE Dealer Floorplan Master Note Trust (GE DFMNT) series 2015-2:

--Class A notes 'AAAsf'; Outlook Stable;
--Class B notes 'Asf'; Outlook Stable;
--Class C notes 'BBBsf'; Outlook Stable;
--Class D notes 'NR'.

KEY RATING DRIVERS

Diversified Trust: The trust currently consists of receivables associated with approximately 1,500 manufacturers, 25,000 dealers and 13 separate product lines. GE DFMNT is classified as a category A trust under Fitch's criteria.

Strong Performance: GE DFMNT has experienced minimal net losses going back to 2004. The monthly trust default rate was negative 0.03% as of Nov. 30, 2014. Monthly payment rates (MPRs), agings and delinquencies are currently stable, having steadily improved in the past couple of years.

Improved Industry, Manufacturer and Dealer Health: Although certain industries/product lines have been slow to recover and some remain relatively weak, the overall performance of the manufacturers and dealers in the trust has stabilized from recessionary levels. Trust performance metrics (including MPR and losses) are currently stable.

Sufficient Credit Enhancement: Initial available credit enhancement (CE) for class A notes is 11.90%, consisting of 9.52% subordination and a 2.38% reserve (based on the initial collateral balance). The master trust contains a dynamic, seasonal, early-amortization three-month average MPR trigger and a default rate trigger set at 5.0% (on a three-month average).

Consistent Origination and Servicing: GE Commercial Distribution Finance Corporation (GE CDF)/General Electric Capital Corporation (GECC) has demonstrated adequate abilities as an originator, underwriter and servicer, as evidenced by the historical portfolio performance of GE DFMNT.

Legal Structure Integrity: The legal structure of the transaction provides that a bankruptcy of GE CDF/GECC would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

To conduct rating sensitivity for the issued notes, under a category A DFP platform, Fitch assumes portfolio default levels at 5%, 15%, and 25% and under two recovery level scenarios of 50% and 30%. Fitch modeled 2015-2 with the assumption that the above defaults have occurred, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at
+1-212-908-0800 or at 'webmaster@fitchratings.com'.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'GE Dealer Floorplan Master Note Trust, Series 2015-2 -- 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 the Global Structured Finance Transactions' dated April 17, 2012.