Fitch Expects to Rate Mercedes Benz Master Owner Trust 2012-B; Presale Issued

NEW YORK–(BUSINESS WIRE–

Fitch Ratings expects to assign the following rating and Outlook to the
notes issued by Mercedes Benz Master Owner Trust (MBMOT 2012-B:

–$250,000,000 Class A ‘AAAsf’; Outlook Stable.

Key Rating Drivers

Good Quality of Receivables: The receivables backing 2012-B are backed
by 91% new vehicles and mainly MB and other OEM new and used vehicles
and are geographically diverse.

Asset Concentrations: Dealers are subject to specific concentration
limits, mitigating the risk of individual dealer defaults and losses.
Additionally, vehicle type concentration limits provide further
diversification.

Strong Dealer Network: Based on a review of dealer financial metrics,
including absorption rates, operating profits, and dealer net worth
metrics, the financial health of the participating dealer network is
viewed as historically strong, with the majority of dealers being
profitable in 2012.

Strong Trust Performance: MBMOT has continued to experience positive
trends in overall performance, including elevated monthly payment rates
(MPRs and asset yields, low agings and delinquencies, and no dealer
defaults and trust losses.

Sufficient Credit Enhancement: Initial credit enhancement (CE for the
class A notes is 18.62%, consisting of 18.00% required
overcollateralization (OC amount and a 0.62% reserve account.
Structural features include OC step up and early amortization triggers,
which mitigate risks stemming from dealer/manufacturer
defaults/bankruptcies.

Consistent Origination and Servicing: MBFS demonstrates adequate
abilities as an originator, underwriter, and servicer, as evidenced by
the historical delinquency and loss performance of MBMOT.

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

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’.

Additional information is available at ‘www.fitchratings.com‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–’Global Structured Finance Rating Criteria’ (June 6, 2012;

–’Global Rating Criteria for Dealer Floorplan ABS’ (Jan. 25, 2012;

–’Criteria for Interest Rate Stresses in Structured Finance
Transactions’ (March 20, 2012.

Applicable Criteria and Related Research: Mercedes-Benz Master Owner
Trust, Series 2012-B (US ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696030

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings. com/creditdesk/reports/report_frame.cfm?rpt_id=666405

Criteria for Interest Rate Stresses in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm? rpt_id=673560

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IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
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