FITCH UPGRADES GREATAMERICA LEASING RECEIVABLES 2006-1,LLC

FitchRatings-Chicago-15 January 2009: Fitch Ratings has taken the following rating actions on the lease-backed notes for GreatAmerica Leasing Receivables 2006-1,LLC (GALR2006-1).

--Classes A-3 and A-4 affirmed at 'AAA';
--Class B upgraded to 'AA+ 'from 'AA';
--Class C upgraded to 'A+' from 'A'.

In its review of the GALR2006-1 transaction, Fitch noted a slight increase in delinquencies and net losses. As of January reporting, 30+ day delinquencies equaled 2.45% and cumulative net losses were 2.04%. Despite the recent uptick in delinquencies and net losses, credit enhancement available to the notes has continued to build. The transaction benefits from a reserve account ($3,514,406), over- collateralization ($5,475,144), and expected booked residual realizations. Under Fitch's analysis of the credit enhancement structure, the securities can now withstand stress scenarios consistent with the upgraded ratings and still make full payments to investors in accordance with the terms of the documents.

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

Contact: DuTrieu +1-312-368-2091, PeterManofsky +1-312-368-2068, or Juveria Mozaffar, +1-312-606-2335, Chicago.

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