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Fitch Affirms Harley-Davidson Motorcycle Trust 2011-2



  Fitch Affirms Harley-Davidson Motorcycle Trust 2011-2

Business Wire

NEW YORK -- October 19, 2012

As part of its ongoing surveillance, Fitch Ratings affirms five classes of the
Harley-Davidson Motorcycle Trust 2011-2 transaction as follows:

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class A-3 at 'AAAsf'; Outlook Stable;

--Class A-4 at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook to Positive from Stable;

--Class C at 'Asf'; Outlook to Positive from Stable.

The ratings are based on available credit enhancement and loss performance.
The collateral pool continues to perform within Fitch's expectations. Under
the credit enhancement structure, the securities are able to withstand stress
scenarios consistent with the current ratings and make full payments to
investors in accordance with the terms of the documents.

The ratings reflect the quality of Harley-Davidson's retail motorcycle loan
originations, the strength of its servicing capabilities, and the sound
financial and legal structure of the transaction.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and related research:

--'U.S. Auto Loan ABS Rating Criteria' (April 16, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674859

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE '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.

Contact:

Fitch Ratings
Primary Analyst
Eugene Kushnir, +1 212-908-0830
Analyst
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Tracy Wan, +1 212-908-0171
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
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