CNH Industrial Capital America is prepping a $1 billion equipment lease securitization, CNH Equipment Trust 2014-C, its third of the year.

Fitch Ratings has assigned a preliminary ‘F1’ rating to $219 million of money market notes and an ‘AAA’ rating to three classes of longer term notes, including $280 million with a legal final maturity of December 2017, $350 million maturing in November 2019 and $127.59 million maturing in September 2021. There is also a $22.48 million class of notes maturing in March 2022 with a preliminary ‘AA’ rating.

The notes will be backed by retail installment loan sales contracts on new and used agricultural equipment  and construction equipment originated by CNH .  The receivables are serviced by New Holland Credit Co., a subsidiary of CNH. .

Credit Suisse is the underwriter.

The 2014-C collateral pool consists of 91.51% agricultural equipment and 8.49% construction equipment, consistent with CNH securitizations going back to 2009, according to Fitch.

CNH’s previous securitization was completed in June.

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