Fitch Affirms GreatAmerica Leasing Receivables
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:
- 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.
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