by Fitch Ratings on Monday, March 18, 2013
Fitch Ratings-Chicago-14 March 2013: Fitch Ratings has affirmed the ratings of GreatAmerica
Leasing Receivables Funding, LLC Series 2012-1 (GALR 2012-1) 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 revised to Positive from Stable;
--Class C at 'Asf'; Outlook revised to Positive from Stable;
KEY RATING DRIVERS
The affirmation of the notes represents loss coverage and enhancement levels consistent with each
class' respective rating. The transaction has performed well to date with net losses projecting below
Fitch's initial base case expectation.
The Positive Outlook for the Class B and C Notes reflect 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 continue to increase. Fitch will continue to monitor this transaction and may take
additional rating actions in the event of changes in performance and credit enhancement measures.
Unanticipated increases in the frequency of defaults and loss severity could produce loss levels
higher than the current projected base case loss proxy which would impact available loss coverage.
Lower loss coverage could impact ratings and rating outlooks, depending on the extent of the
decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited
sensitivity to 1.5x and 2.5x higher of Fitch's base case loss expectations. Initial key rating drivers
and rating sensitivities are further described in the new issue report published on March 19, 2012.
To date, the transaction has exhibited strong performance with losses well within Fitch's initial
expectations with rising loss coverage and multiple levels. As such, continued strong performance
for this transaction would most likely result in further positive rating actions. Conversely, a material
deterioration in performance would have to occur within the asset pool to have potential negative
impact on the outstanding ratings.
Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in
'GreatAmerica Leasing Receivables Funding, L.L.C Series 2012-1 - Appendix' . These R&W are
compared to those of typical R&W for the asset class as detailed in the special report
'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance
Transactions' dated April 17, 2012.
Thomas Kaiser, CPA
Fitch Ratings, Inc.
70 W Madison Street
Chicago, IL 60602
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email:
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