Fitch Ratings has affirmed the outstanding notes of the following MMAF Equipment Finance transactions, and revised Rating Outlooks as shown:

Series 2011-A:

• Class A-4 at ‘AAAsf’ Outlook Stable
• Class A-5 at ‘AAAsf’ Outlook Stable
• Class B at ‘AAAsf’ Outlook Stable
• Class C at ‘AAsf’ Outlook to Stable from Positive
• Class D at ‘Asf’ Outlook to Stable from Positive

Series 2012-A:

• Class A-3 at ‘AAAsf’ Outlook Stable
• Class A-4 at ‘AAAsf’ Outlook Stable
• Class A-5 at ‘AAAsf’ Outlook Stable

Series 2014-A:

• Class A-2 at ‘AAAsf’ Outlook Stable
• Class A-3 at ‘AAAsf’ Outlook Stable
• Class A-4 at ‘AAAsf’ Outlook Stable
• Class A-5 at ‘AAAsf’ Outlook Stable
• Class A-6 at ‘AAAsf’ Outlook Stable

Fitch’s analysis of MMAF incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model as the collateral pool contains high obligor concentrations, and loss experience on MMAF’s managed portfolio is currently well within initial Fitch expectations. This approach is detailed in Fitch’s criteria ‘Global Rating Criteria for Corporate CDOs,’ dated July 25, 2014. All other aspects of this review are consistent with ‘Criteria for Rating U.S. Equipment Lease and Loan ABS,’ dated Dec. 23, 2014.