Fitch Upgrades 2 & Affirms 31 Classes from 8 CNH Securitizations.

CHICAGO -- Fitch has taken the following rating actions on the two CNH Equipment Trust transactions listed below:

CNH Equipment Trust 2004-VA

-- Class B notes upgraded to 'AA' from 'A';

-- Class A-2 notes affirmed at 'AAA'.

CNH Equipment Trust 2005-A

-- Class B notes upgraded to 'AA' from 'A';

-- Class A-3, A-4a and A-4b affirmed at 'AAA'.

Fitch also affirms the following CNH transactions:

CNH Equipment Trust 2003-A

-- Class A-4a, A-4b and B 'AAA'.

CNH Equipment Trust 2003-B

-- Class A-4a, A-4b and B 'AAA'.

CNH Equipment Trust 2004-A

-- Class A-3a, A-3b, A-4a and A-4b 'AAA';

-- Class B notes 'AA'.

CNH Equipment Trust 2005-B

-- Class A-2, A-3, A-4a and A-4b 'AAA';

-- Class B notes 'A';

-- Class C notes 'BBB'.

CNH Equipment Trust 2006-A

-- Class A-1 notes 'F1+';

-- Class A-2, A-3, A-4 'AAA';

-- Class B notes 'A'.

CNH Equipment Trust 2006-B

-- Class A-1 'F1+';

-- Class A-2, A-3 and A-4 'AAA';

-- Class B 'A'.

Fitch's review of the CNH transactions noted increasing levels of credit enhancement available to each class of notes. Specifically, the current credit enhancement available to the class B notes for the 2004-VA and 2005-A transactions is significantly greater than the original levels at closing. Each class of notes benefits from credit enhancement components that include a reserve account and overcollateralization (OC) in the form of certificates. The class A notes also benefit from the subordination of the class B notes.

The continued increase in credit enhancement is a result of better than expected portfolio performance and transaction structure mechanics. All classes of notes benefit from a non-amortizing certificate serving to nominally increase credit enhancement as the senior notes amortize.

Furthermore, delinquencies have been relatively consistent in 2005-A since the transaction's inception. The 2004-VA transaction has experienced slightly higher total delinquency rates, with a portfolio high of 9.59% in early 2006, due to the nature of the variable interest rates on these loans. However, current total delinquencies as of the January 2007 payment date have declined to 3.19%. The loss experience for both transactions has been better than expected, with cumulative net defaults to date equaling .29% for both transactions as of the January 2007 reporting period. As a result, the lifetime collateral losses for the transactions may yield an ultimate default number less than Fitch's original assumptions.

Fitch will continue to closely monitor this transaction and may take additional rating action in the event of changes in performance and credit enhancement measures.

Fitch also affirmed various other transactions in its equipment leasing ABS portfolio. More detailed information on these transactions is available in a separate press release soon to follow, which will be available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time vale of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.