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Rating Action:

Moody's assigns provisional ratings to Harley-Davidson Motorcycle Trust 2010-1

Global Credit Research - 15 Nov 2010

$600 million of asset-backed securities affected

New York, November 15, 2010 -- Moody's Investors Service has assigned provisional ratings to the notes to be issued by Harley-Davidson Motorcycle Trust 2010-1 (HDMT 2010-1).

RATINGS RATIONALE

The complete rating actions are as follows:

Issuer: Harley-Davidson Motorcycle Trust 2010-1

Class A-1, Assigned (P)P-1 (sf)

Class A-2, Assigned (P)Aaa (sf)

Class A-3, Assigned (P)Aaa (sf)

Class A-4, Assigned (P)Aaa (sf)

Class B, Assigned (P)Aa1 (sf)

Class C, Assigned (P)Aa3 (sf)

The principal methodology used in rating was "Moody's Approach to Rating U.S. Auto Loan-Backed Securities," rating methodology published in June 2007.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments in this transaction.

Moody's median cumulative net loss expectation for the HDMT 2010-1 pool is 5.50% and the Volatility Proxy Aaa Level is 26.00%. Moody's net loss expectation and Volatility Proxy Aaa Level for HDMT 2010-1 are derived from an analysis of the historic performance of prior securitizations sponsored by Harley-Davidson Credit Corp. (HDCC), the historic performance of its managed motorcycle loan portfolio, the collateral characteristics of this collateral pool, the strength and experience of the servicer, and expectations for future economic conditions.

Harley-Davidson is the only frequent issuer of motorcycle retail loan ABS transactions. The motorcycle industry is more of a niche market than automobiles where the manufacturer's and finance company's strategies have the potential to create deviations in loan performance that differs to historical results. In addition to this, additional sources of assumption uncertainty include the current macroeconomic environment, in which unemployment remains elevated, and the strength of the motorcycle market. HDCC's securitized loan performance and managed portfolio have shown signs of stabilization, however, further deterioration in the economy could weaken performance.

Compared to the U.S. Vehicle ABS sector, HDMT 2010-1 has characteristics which are most similar to near-prime retail auto loan ABS. HDMT 2010-1 benefits from the servicing of Harley-Davidson Credit Corp. which has a long track record of servicing its own securitizations. It also benefits from the solid name recognition of the Harley-Davidson franchise. Compared to the prime retail auto loan ABS sector, HDMT 2010-1 has somewhat more potential performance variability and market value sensitivity due to the inherent differences in the collateral (automobiles versus motorcycles) and the niche market in which Harley-Davidson operates.

Moody's Parameter Sensitivities: If the net loss used in determining the initial rating were changed to 11.50%, 14.00%, or 16.00% the initial model-indicated output for the Class A notes might change from Aaa to Aa1, Aa3, and A2, respectively. Using the same loss assumptions, the initial model-indicated output for the Class B notes might change from Aa1 to Baa1, Ba1, and B1, respectively. The Class C notes, using the same loss assumptions, might change from Aa3 to Ba1, B2 and below B3, respectively.

Parameter Sensitivities are not intended to measure how the rating of the security might migrate over time, rather they are designed to provide a quantitative calculation of how the initial rating might change if key input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged. Parameter Sensitivities only reflect the ratings impact of each scenario from a quantitative/model-indicated standpoint. Qualitative factors are also taken into consideration in the ratings process, so the actual ratings that would be assigned in each case could vary from the information presented in the Parameter Sensitivity analysis.

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Information sources used to prepare the credit ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating. However, the credit rating action was based on limited historical data.

Additional research including a pre-sale report for this transaction is available at www.moodys.com. The special reports, "Updated Report on V Scores and Parameter Sensitivities for Structured Finance Securities" and "V Scores and Parameter Sensitivities in the U.S. Vehicle ABS Sector" are also available on moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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New York
Mack Caldwell
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jason Grohotolski
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
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New York, NY 10007
U.S.A.

Moody's assigns provisional ratings to Harley-Davidson Motorcycle Trust 2010-1
No Related Data.
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