Four Ratings Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 Ratings Affirmed
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1 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed Primary Credit Analyst: Srabani C Chandra-Lal, New York (1) ; srabani.chandra-lal@standardandpoors.com Secondary Contact: Mark M Risi, New York (1) ; mark.risi@standardandpoors.com OVERVIEW We raised our ratings on the B and C notes from both Series and Series from GreatAmerica Leasing Receivables Funding LLC. At the same time, we affirmed our ratings on 10 classes of notes from Series , , and from the same transaction. The upgrades reflect the better-than-expected collateral performance to date and the growth in hard credit support as a percent of the amortizing collateral balance. The transactions are securitizations of small-ticket equipment leases/loans originated by GreatAmerica Financial Services Corp., formerly known as GreatAmerica Leasing Corp. NEW YORK (Standard & Poor's) Sept. 16, Standard & Poor's s Services today raised its ratings on the B and class C notes from GreatAmerica Leasing Receivables Funding LLC's Series and Standard & Poor's also affirmed its ratings on the A notes from Series , , and and the class B and C notes from Series (see list). Today's rating actions reflect each transaction's collateral performance to date, the improved performance of the small-ticket equipment sector, our views regarding future collateral performance, our macroeconomic outlook, the structure of the transaction, and the credit enhancement available to the notes. In addition, our analysis incorporated secondary credit factors, such as credit stability, payment priorities under various scenarios, and sectorand issuer-specific evaluations. In our view, the creditworthiness of the SEPTEMBER 16,
2 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed notes is consistent with the raised and affirmed ratings. Each transaction is exhibiting better-than-expected collateral performance (see Table 1). We lowered our original lifetime loss expectation for Series and (see Table 2) based on the lower-than-expected gross loss, net loss, and delinquency rates to date. Actual cumulative recovery rates remain consistent with the rates analyzed at issuance, and our analysis continues to assume some stressed recovery rates. Although Series 's losses to date are currently trending lower than our initial expectation, we are not revising our loss expectation at this time because the transaction has not sufficiently amortized to a level that we believe warrants a change. Table 1 Collateral Performance (%) As of the August 2013 Distribution Month Series Month Pool 60+ day Current Current factor delinquencies CRR CNL CRR--Cumulative recovery rate. CNL--Cumulative net loss. Table 2 CNL Expectations (%) As of the August 2013 distribution month Series Initial lifetime loss Revised lifetime CNL CNL expectation CNL expectation NA Each transaction has a sequential principal payment structure, with credit enhancement in the form of subordination for the higher tranches, overcollateralization, and a reserve account (see Table 3). In addition, residual receipts are available to cover losses. The reserve account for Series and started out at 1.50% of the outstanding pool balance before amortizing to its floor amount of 1.00% of the initial pool balance, where it remains today. The overcollateralization for Series and remain at their target amounts of 7.09% and 6.24% of the current pool balance, respectively, and have not reached their floor amount of 1.00% of the initial pool balance. While the overcollateralization on these series will continue to amortize until they reach their floors, we expect the credit enhancement will continue to grow as a percent of the outstanding amortizing collateral balance. Table 3 Hard Credit Support (%) SEPTEMBER 16,
3 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed As of the August 2013 distribution month Current Total hard total hard credit support credit support Series at issuance (i) (% of current) (ii) A B C A A A B C (i) As a percent of the total collateral balance, total hard credit support consists of a reserve account and overcollateralization, as well as subordination. The hard credit enhancement excludes booked residuals. We incorporated our cash-flow analysis in our review of this transaction, which included current and historical performance to estimate future performance. Our various cash-flow scenarios included forward-looking stressed assumptions on recoveries, timing of losses, and voluntary prepayment speeds that we believe are appropriate given the transaction's current performance. The results demonstrated, in our view, that all of the classes from these transactions have adequate credit enhancement at their respective raised and affirmed rating levels. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at RELATED CRITERIA AND RESEARCH Related Criteria "Counterparty Risk Framework Methodology And Assumptions," June 25, 2013 "Understanding Standard & Poor's Definitions," June 3, 2009 "Methodology: Credit Stability Criteria," May 3, 2010 "Equipment Leasing Criteria: Credit Risks Evaluated In Lease-Backed Securitizations," Sept. 1, 2004 "Equipment Leasing Criteria: Structural Considerations In Lease-Backed Transactions," Sept. 1, 2004 Related Research "Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors," Nov RATINGS RAISED GreatAmerica Leasing Receivables Funding LLC Series SEPTEMBER 16,
4 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed To From B AA+ (sf) AA (sf) C AA (sf) A (sf) GreatAmerica Leasing Receivables Funding LLC Series To From B AA+ (sf) AA (sf) C AA (sf) A+ (sf) RATINGS AFFIRMED GreatAmerica Leasing Receivables Funding LLC Series GreatAmerica Leasing Receivables Funding LLC Series A-2 AAA (sf) A-3 AAA (sf) GreatAmerica Leasing Receivables Funding LLC Series A-1 A-1+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) SEPTEMBER 16,
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