Hyundai Capital America plans to issue $512 million of asset backed securities from its floorplan master trust structure, according to Moody’s Investors Service.
The deal, Series 2013-1 Notes, is backed primarily by dealer floorplan loans originated by HCA. Moody’s assigned preliminary ratings of ‘Aaa’ to the class A notes and ‘Aa1’ to the class B notes.
According to a Moody’s report the dealer floorplan receivables, are secured primarily by new Hyundai and Kia vehicles, as well as the strength of the structure and the experience of HCA as servicer.
