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By: Standard and Poor's on November 4th, 2020


S&P Global: Various Rating Actions Taken On Three GreatAmerica Leasing Receivables Funding LLC Transactions

NEW YORK (S&P Global Ratings) Oct. 28, 2020--S&P Global Ratings today raised its ratings on four classes from GreatAmerica Leasing Receivables Funding LLC's series 2017-1, 2018-1, and 2019-1 transactions.
Primary Credit Analyst: Jason L McCauley, Centennial (1) 303-721-4336; jason.mccauley@spglobal.com

Secondary Contact: Steve D Martinez, New York (1) 212-438-2881; steve.martinez@spglobal.com

OVERVIEW
  • We reviewed GreatAmerica Leasing Receivables Funding LLC's series 2017-1, 2018-1, and 2019-1 transactions, which are securitizations of small-ticket equipment leases and loans originated by GreatAmerica Financial Services Corp.
  • We raised our ratings on four classes and affirmed our ratings on eightclasses from the transactions.
  • The rating actions reflect our views regarding each transaction's future collateral performance, structure, and credit enhancement, among other factors.

NEW YORK (S&P Global Ratings) Oct. 28, 2020--S&P Global Ratings today raised its ratings on four classes from GreatAmerica Leasing Receivables Funding LLC's series 2017-1, 2018-1, and 2019-1 transactions. At the same time, we affirmed our ratings on eight classes from the transactions (see list).

Today's rating actions reflect each transaction's collateral performance to date, expected future collateral performance, structure, and credit enhancement. Additionally, we incorporated secondary credit factors, including credit stability, payment priorities under various scenarios, and sector- and issuer-specific analyses. Considering these factors, we believe the creditworthiness of the notes remains consistent with the raised and affirmed ratings.

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