Fitch Ratings Upgrade
by Fitch Ratings on Thursday, January 17, 2013
FITCH UPGRADES 2 & AFFIRMS 2 CLASSES OF GREATAMERICA LEASING RECEIVABLES FUNDING, LLC SERIES 2011-1
Fitch Ratings-Chicago-17 January 2013: Fitch Ratings has taken the following actions on GreatAmerica Leasing Receivables Funding, LLC series 2011-1 (GALR 2011-1):
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook to Stable from Positive;
--Class C upgraded to 'AAsf' from 'Asf'; Outlook Positive.
The upgrade of the class B and C note reflects the strong performance with 87 bps in net losses to date which is tracking below Fitch's initial expectations. Furthermore, loss coverage has improved due to increase credit enhancement and is consistent with the upgrade. The affirmation of the class A notes represents loss coverage and enhancement levels consistent with the rating. The Outlook for class C remains Positive, reflecting the potential for further rating actions on the class. Fitch will continue to monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.
Thomas Kaiser, CPA
70 W. Madison St.
Chicago, IL 60602