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Fitch Takes Various Actions on GE Equipment Small Ticket LLC Series 2013-1
|By Business Wire
|July 14, 2014 04:41 PM EDT
Fitch Ratings takes the following actions on various classes of GE
Equipment Small Ticket L.L.C. Series 2013-1 (GE EST 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 Stable
Class C upgraded to 'AAsf' from 'Asf'; Outlook revised to Positive from
KEY RATING DRIVERS
The upgrade of the class B and C notes reflect the growing Credit
Enhancement (CE) available to the notes and now provide increased loss
coverage to these classes. The affirmation of class A reflects the
continued strong CE available. As of the June 2014 reporting period, the
transaction has experienced 0.52% in cumulative net losses (CNL) which
is within Fitch's initial proxy of 3.60%. Given the current amortization
profile, Fitch utilized a base case proxy of 2.90% for the remaining
pool during this review.
The Positive Outlook on class C reflects the possibility for positive
rating actions in the next 12 to 18 months as losses are tracking inside
of initial expectations and credit support is expected to continue to
increase for both transactions. Fitch will continue to closely monitor
the transactions and may take additional rating actions in the event of
changes in performance and credit enhancement measures.
If Fitch utilized its initial proxy for 3.60% for the current pool,
multiples for all three classes would compress but would still suggest
upgrades on the class B and C notes. Additionally, Fitch tested the
sensitivity to the credit given to the residuals. While this scenario
had a greater impact on loss coverage to the classes, it would likely
still have resulted in an upgrade of the subordinate notes. Initial Key
Rating Drivers and Rating Sensitivities are further described in GE EST
2013-1's presale report published June 22, 2013.
Fitch's analysis of the Representations and Warranties (R&W) of this
transaction can be found in 'GE Equipment Small Ticket, L.L.C. Series
2013-1 - Appendix'. These R&W are compared to those of typical R&W for
the asset class as detailed in the special report 'Representations,
Warranties, and Enforcement Mechanisms in Global Structured Finance
Transactions' dated April 17, 2012.
Additional information is available at 'www.fitchratings.com'
Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Equipment Lease and Loan ABS'
(Dec. 19, 2013);
--'Global Structured Finance Rating Criteria' (May 20, 2014);
--'Representations, Warranties, and Enforcement Mechanisms in Global
Structured Finance Transactions' (April 17, 2012);
--'GE Equipment Small Ticket, L.L.C Series 2013-1' ( July 22, 2013);
--'GE Equipment Small Ticket, L.L.C Series 2013-1 - Appendix' (July 22,
Applicable Criteria and Related Research:
Criteria for Rating U.S. Equipment Lease and Loan ABS
Global Structured Finance Rating Criteria
Representations, Warranties, and Enforcement Mechanisms in Global
Structured Finance Transactions
GE Equipment Small Ticket, L.L.C., Series 2014-1 - Appendix
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
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