on Friday, October 23, 2015
GreatAmerica Portfolio Ratings Show Strong Performance
(Cedar Rapids, IA) - - GreatAmerica Financial Services Corporation is pleased to report strong performance on its receivables transactions. The following September 2015 summaries show ratings details. Full press releases are available from Fitch Ratings and Standard & Poor’s Ratings Services.
On September 29, 2015, Fitch Ratings upgraded GreatAmerica Leasing Receivables Funding LLC’s Class C notes from the series 2013-1 from AAsf to AAAsf, with an outlook revised to Stable from positive. Fitch also reaffirmed ratings on the Series 2012-1 Class A-4, B, and C notes at 'AAAsf', and the Series 2013-1 Class A-3, A-4, and B notes at 'AAAsf'.
On September 15, 2015 Standard’s & Poor’s Rating Services also upgraded GreatAmerica Leasing Receivables Funding LLC’s Class B and Class C notes from the series 2013-1 from AA to AA+ and A to AA respectively and the Class C notes from the series 2014-1 from A to AA-. They also reaffirmed ratings on the Series 2012-1 Class A-4, B and C notes at AAA, AA+ and AA respectively, the Series 2013-1 Class A-3 and A-4 notes at AAA, the Series 2014-1 Class A-2, A-3, A-4 and B notes at AAA, AAA, AAA and AA+ respectively and the Series 2015-1 Class A-1, A-2, A-3, A-4, B and C notes at A-1+, AAA, AAA, AAA, AA+ and A+ respectively. S&P indicated the upgrades reflect the collateral performance to date, which is better than their initial loss expectation, and the growth in hard credit support as a percentage of the amortizing collateral balance. They also indicated they considered the substitutions by the Servicer of replacement contracts for those that have become defaulted, which is permitted, at the option of the Servicer, up to a capped amount.
GreatAmerica is a national commercial equipment finance company dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and has a staff of over 475 employees with offices in Georgia, Minnesota, and Missouri. We provide financing and consulting services in all fifty states and some U.S. Territories. GreatAmerica is organized into seven business units: Office Equipment, Unified Communications and Data, Automotive, HealthCare, Direct Programs, Specialty Markets, and Portfolio Services. Visit www.greatamerica.com.