TEXT-S&P rates BMW Floorplan Master Owner 

Trust 2012-1 notes

 

-- BMW Floorplan Master Owner Trust's issuance is an ABS securitization
backed by receivables from designated revolving floorplan accounts between BMW
Financial Services N.A. LLC and BMW dealers. The accounts were established to
finance the dealers' inventory of new and used automobiles, light trucks, and
motorcycles.
 -- We assigned our 'AAA (sf)' rating to the class A notes.
     -- The rating reflects our view of the transaction's credit support, 45%
payment rate "step-up" trigger, and underlying payment structure, among other
factors.

NEW YORK (Standard & Poor's) Sept. 19, 2012--Standard & Poor's Ratings
Services today assigned its 'AAA (sf)' rating to BMW Floorplan Master Owner
Trust's $750 million class A floating-rate vehicle loan-backed notes series
2012-1.
The note issuance is an asset-backed securitization backed by receivables from
designated revolving floorplan accounts between BMW Financial Services N.A.
LLC and BMW dealers. The accounts were established to finance the dealers'
inventory of new and used automobiles, light trucks, and motorcycles.

The rating reflects our view of:
     -- Our view that the transaction's 19.26% hard credit support is
sufficient to withstand our stress scenarios commensurate with the 'AAA (sf)'
rating assigned to the notes. Our stress scenarios assume the payment rate
declines to approximately 45%-55% of the applicable early amortization trigger
within six months after the transaction enters an early amortization period.
Our assumptions also include an increase in the frequency of dealer defaults