TEXT-S&P afrms rtgs in German ABS deal GOALS Financing 2009

(The following statement was released by the rating agency)

Dec 16 -

OVERVIEW

-- Our review of the portfolio data shows us that GOALS Financing 2009 has performed in line with our expectations since closing.

-- The transaction is still revolving and the level of credit enhancement has not changed since closing in February 2010.

-- We have therefore affirmed our ratings on the class A and B notes.

-- Grenkeleasing originated the lease receivables that back this German lease ABS transaction.

Standard & Poor's Ratings Services today affirmed its credit ratings on GOALS Financing 2009 Ltd.'s class A and B notes (see list below).

Grenkeleasing AG originated the lease receivables that back this asset-backed securities (ABS) transaction. Those assets comprise IT equipment (38.5%), copy machines (34.1%), telecom equipment (7.9%), medical equipment (6.3%), and other (13.2%).

Today's rating actions follow our review of the transaction according to our surveillance schedule.

In our view, this transaction has shown stable asset performance. The transaction features a three-year revolving period. It is currently still revolving, indicating that no early amortization conditions have been met. Excess spread has been sufficient to cure losses during the revolving period. Excess spread, in this transaction, is calculated as the difference between the weighted-average interest rate of the lease receivables and the fixed rate payable under the swap. The weighted-average interest rate of the portfolio has decreased slightly to 8.23% from 9.33% at closing (according to the Oct. 11, 2011 investor report).

In our opinion, the transaction is performing in line with our expectations, given that it is still revolving, no reserve fund has been drawn, and total delinquencies are stable at 0.76% of the closing pool balance.

Thereafter, we have affirmed our ratings on the class A and B notes in the transaction.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at .