Fitch Rates CNH Equipment Trust 2002-B.

Business Editors

CHICAGO--(BUSINESS WIRE)--Nov. 20, 2002

Fitch rates CNH Equipment Trust 2002-B as follows:

--$270,000,000 class A-1 notes 'F1+';

--$270,000,000 class A-2 notes 'AAA';

--$305,000,000 class A-3 notes 'AAA';

--$186,250,000 class A-4 notes 'AAA';

--$35,750,000 class B notes 'A+'.

The notes are backed by retail installment sales contracts and leases on new and used agricultural and construction equipment originated by Case Credit Corporation (Case Credit) and New Holland Credit Company, LLC (New Holland Credit), both of which are wholly owned subsidiaries of CNH Global N.V.. The 2002-B transaction is the sixth U.S. public securitization issued by CNH Capital Corporation (CNH Capital) that includes receivables originated by both Case Credit and New Holland Credit. Case Credit is the servicer and New Holland Credit is the subservicer of the 2002-B transaction.

The ratings are based on credit enhancement provided by 3.25% subordination (class B notes), 3% overcollateralization (retained certificate), a cash reserve account funded upon closing at 2% of the initial receivables balance that will grow and be maintained at 2.50% of the receivables balance, and excess spread.

In deriving credit enhancement levels, Fitch analyzed annual performance data and static performance data of prior CNH Capital securitizations and various concentrations in the underlying pool. Fitch took into consideration the current nature of the agricultural industry and the cyclicality of the construction industry in order to assess the impact of an economic down turn on the frequency of repossessions and on recovery rates (and timing lags) on repossessed equipment. Fitch's analysis also factored in the strength of the Case Credit and New Holland Credit dealership networks, which greatly aid in the collection, repossession and remarketing processes.

The initial $822 million collateral pool consists of installment sales contracts on agricultural (70%) and construction (30%) equipment which is new (64%) and used (36%). The initial pool has approximately 5.8 months of weighted average seasoning and is diversified geographically, with the largest state concentrations in Texas (6.91%) California (4.47%), Iowa (4.43%), Illinois (4.40%), and Minnesota (4.28%). No other state accounts for more than 4% of the pool. Geographic diversification acts to insulate the transaction against regional economic downturns. Upon closing, approximately $328 million of the proceeds from the sale of the notes will be deposited into a trust account and will be used from time to time (subject to certain eligibility criteria) to purchase additional receivables for addition to the trust pool. After the prefunding period, no more than 35% of the contract value can consist of contracts on construction equipment.

Interest and principal payments are expected to be made monthly. However, the class A-1 notes will initially receive all principal allocations until their balance has been reduced to zero. Principal allocations will then be split pro rata between the class A and B notes, however the class A allocation will be used to sequentially pay down the notes within class A. Additionally, the retained certificate does not receive any payments until the class A and class B notes have been paid in full. Certificate allocations are will be used to first pay down the class A notes in full before being used to pay down the class B notes.