TEXT-Fitch affirms 5, revises outlook on 2 classes of GreatAmerica Leasing

Feb 8 - Fitch Ratings Affirms 5 and Revises the Rating Outlook on 2
classes of GreatAmerica Leasing Receivables Funding L.L.C. Series 2011-1 (GALR
2011-1) as follows:

--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 affirmed at 'AAsf'; Outlook to Positive from Stable;
--Class C affirmed at 'Asf'; Outlook to Positive from Stable.

The affirmations of all outstanding classes represent credit enhancement levels
consistent with the rating. As of January 2012 reporting period, cumulative net
losses of 37 bps are below Fitch's base case expectations for the pool.

The Positive Outlook for the Class C and D Notes reflect 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. Fitch will continue to closely monitor this transaction and may take
additional rating actions in the event of changes in performance and credit
enhancement measures.

The review of GALR 2011-1 is consistent with Fitch's 'Criteria for Rating U.S.
Equipment Lease and Loan ABS,' dated Jan. 11, 2012.

Contact:

Primary Analyst
Thomas Kaiser, CPA
Analyst
+1-312-368-3338
Fitch, Inc.
70 W Madison St.
Chicago, IL 60602

Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Equipment Lease and Loan ABS' (Jan. 11, 2012);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:
Criteria for Rating U.S. Equipment Lease and Loan ABS
Global Structured Finance Rating Criteria