Fitch Ratings has taken the following actions on the multiple GreatAmerica Leasing Receivable Funding transactions as follows:

2011-1

• Class A-4 affirmed at ‘AAAsf’; Outlook Stable
• Class B affirmed at ‘AAAsf’; Outlook Stable
• Class C affirmed at ‘AAAsf’; Outlook Stable

2012-1

• Class A-4 affirmed at ‘AAAsf’; Outlook Stable
• Class B affirmed at ‘AAAsf’; Outlook Stable
• Class C upgraded to ‘AAAsf’ from ‘AAsf’; Outlook revised to Stable from Positive.

2013-1

• 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 upgraded to ‘AAAsf’ from ‘AAsf’; Outlook revised to Stable from Positive
• Class C upgraded to ‘AAsf’ from ‘Asf’; Outlook Positive

Fitch said the rating actions in all three transactions reflect the credit enhancement (CE) levels commensurate with their respective ratings. All three transactions have had strong performance to date with 1.07%, 0.78%, and 0.50% cumulative net losses for the 2011-1, 2012-1, and 2013-1 transactions, respectively. These levels are tracking below Fitch’s initial expectation for each transaction.

To view the full Fitch news release, click here.