Fitch Affirms GreatAmerica Leasing Receivables

posted by Fitch Ratings on Thursday, February 21, 2008

Fitch Ratings-Chicago-21 February 2008: Fitch Ratings has affirmed the lease-backed notes for GreatAmerica Leasing Receivables 2006-1, LLC (GALR 2006-1) as follows:

GALR 2006-1
  • Class A-2, A-3, and A-4 notes at 'AAA';
  • Class B notes at 'AA';
  • Class C notes at 'A'.

In its review of the GALR 2006-1 transaction, Fitch noted increasing levels of credit enhancement available to all classes of notes. The continued increase in credit enhancement is a result of solid portfolio performance. The collateral continues to perform within Fitch's expectations and the outstanding ratings are representative of current performance and enhancement levels. As of February reporting, 30+ day delinquencies equaled 1.91% and cumulative net losses were 1.13%. In addition, the transaction benefits from a reserve account ($3,514,406), over-collateralization ($9,069,581), and expected booked residual realizations.

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

Contact: Du Trieu +1-312-368-2091 or Peter Manofsky +1-312-368-2068, Chicago.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, '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.

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