Fitch Affirms GreatAmerica Leasing Receivables Funding 2009-1; Revises Outlooks on Two Classes

posted by Fitch Ratings on Wednesday, November 10, 2010

Fitch Ratings-Chicago-10 November 2010: Fitch Ratings affirms five and revises the Rating Outlook on two classes of GreatAmerica Leasing Receivables Funding, L.L.C., series 2009-1 (GALR 2009-1) 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 review of GALR 2009-1 is consistent with Fitch's criteria 'Rating U.S. Equipment Lease and Loan Securitizations,' dated June 16, 2008.
The affirmation of all outstanding classes reflects the amount of credit support available which remains sufficient for the notes at their current rating levels. In addition, collateral performance has remained within expectations to date. As of the November 2010 reporting period, total delinquencies represent 1.03% while cumulative net losses total 0.91%.

The Outlook revision to Positive from Stable for the class B and C notes reflects the possibility for positive rating actions in the next 12 to 18 months as losses are tracking inside of initial expectations and credit support is expected to increase from their current levels. 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:
Primary Analyst
Peter Manofsky
Associate Director
+1-312-368-2068
Fitch, Inc.
70 W Madison St.
Chicago, IL 60602

Committee Chair
Du Trieu
Senior Director
+1-312-368-2091
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com.

Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Rating U.S. Equipment Lease and Loan Securitizations' dated June 16, 2008;
--'Global Structured Finance Rating Criteria' dated Aug. 13, 2010.
Applicable Criteria and Related Research:
Rating U.S. Equipment Lease and Loan Securitizations

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