by Fitch Ratings on Tuesday, October 23, 2012
FITCH UPGRADES 1 & AFFIRMS 2 CLASSES OF GREATAMERICA LEASING RECEIVABLES FUNDING, LLC SERIES 2009-1
Fitch Ratings-Chicago-23 October 2012: Fitch Ratings has taken the following actions on GreatAmerica Leasing Receivables Funding, LLC Series 2009-1 (GALR 2009-1):
--Affirmed class A-4 at 'AAAsf'; Outlook Stable;
--Affirmed class B at 'AAAsf'; Outlook Stable;
--Upgraded class C to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive.
The upgrade of the class C note reflects strong performance with 1.81% 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 and B notes represents loss coverage and enhancement levels consistent with the rating.
Fitch will continue to monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.
The review of GALR 2009-1 is consistent with Fitch's criteria 'Rating U.S. Equipment Lease and Loan Securitizations,' dated Jan. 10, 2012.
Thomas Kaiser, CPA
70 W Madison St.
Chicago, IL 60602
Sandro Scenga, New York
Tel: +1 212-908-0278
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.