Fitch Affirms GreatAmerica Receivables

posted by Fitch Ratings on Thursday, February 09, 2012

FITCH AFFIRMS 5 & REVISES OUTLOOK ON 2 CLASSES OF GREATAMERICA LEASING RECEIVABLES FUNDING 2011-1
Fitch Ratings-Chicago-08 February 2012: Fitch Ratings Affirms 5 and Revises the Rating Outlook on 2 classes of GreatAmerica Leasing Receivables Funding L.L.C. Series 2011-1 (GALR 2011-1) as follows:

--Class A-2 affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAsf'; Outlook to Positive from Stable;
--Class C affirmed at 'Asf'; Outlook to Positive from Stable.

The affirmations of all outstanding classes represent credit enhancement levels consistent with the rating. As of January 2012 reporting period, cumulative net losses of 37 bps are below Fitch's base case expectations for the pool.

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 closely monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.

The review of GALR 2011-1 is consistent with Fitch's 'Criteria for Rating U.S. Equipment Lease
and Loan ABS,' dated Jan. 11, 2012.

Contact: Primary Analyst
Thomas Kaiser, CPA Analyst
+1-312-368-3338
Fitch, Inc.
70 W Madison St. Chicago, IL 60602

Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278,
Email: sandro.scenga@fitchratings.com.

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
ratings.

Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Equipment Lease and Loan ABS' (Jan. 11, 2012);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:
Criteria for Rating U.S. Equipment Lease and Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663732  
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569  
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