TEXT-S&P rates GreatAmerica Leasing Receivables Funding notes

Thu Mar 29, 2012 5:09pm EDT

March 29 - OVERVIEW	
     -- GreatAmerica Leasing Receivables Funding LLC's series 2012-1 note 	
issuance is an ABS securitization backed by small-ticket equipment leases and 	
loans and associated equipment.	
     -- We assigned our ratings to the class A, B, and C notes.	
     -- The ratings reflect our view of the transaction's credit support, 	
payment and legal structures, and pool characteristics, among other factors.	
    	
     March 29 - Standard & Poor's Ratings Services today assigned its ratings to
GreatAmerica Leasing Receivables Funding LLC's $376.488 million
receivables-backed notes series 2012-1 (see list).	
	
The note issuance is an asset-backed securities transaction backed by 	
small-ticket equipment leases and loans and associated equipment.	
	
The ratings reflect our view of:	
     -- The availability of approximately 17.50%, 13.50%, and 10.95% credit 	
support to the class A, B, and C notes, respectively, based on stressed 	
break-even cash flow scenarios. These credit support levels provide coverage 	
of more than 4.75x, 3.75x, and 3.37x times our expected net loss range of 	
3.10%-3.35% for the class A, B, and C notes, respectively.	
     -- The transaction's ability to withstand more than 1.5x our expected net 	
loss level in our "what-if" scenario analysis before becoming vulnerable to a 	
negative CreditWatch action and/or a potential downgrade.	
     -- The timely interest and principal payments made under stressed cash 	
flow modeling scenarios that we believe are appropriate for the assigned 	
rating categories.	
     -- The highly diversified collateral characteristics of the securitized 	
pool of equipment leases and loans.	
     -- The historically consistent loss performance of GreatAmerica Leasing 	
Corp.'s contract portfolio.	
     -- The transaction's legal structure. 	
 	
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 Standard & Poor's 17g-7 Disclosure Report included in this credit rating 	
report is available atRELATED CRITERIA AND RESEARCH	
     -- Presale: GreatAmerica Leasing Receivables Funding LLC - Series 2012-1, 	
published March 19, 2012.	
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 	
Effects Of The Top Five Macroeconomic Factors, published Nov. 4, 2011.	
     -- Methodology: Credit Stability Criteria, published May 3, 2010.	
     -- Equipment Leasing Criteria: The Rating Process For Lease-Backed 	
Transactions, published Sept. 1, 2004.	
     -- Equipment Leasing Criteria: Credit Risks Evaluated in Lease-Backed 	
Securitizations, published Sept. 1, 2004.	
     -- Equipment Leasing Criteria: Structural Considerations in Rating 	
Lease-Backed Transactions, published Sept. 1, 2004.	
     -- Equipment Leasing Criteria: Legal Considerations in Rating 	
Lease-Backed Transactions, published Sept. 1, 2004.	
 	
 	
RATINGS ASSIGNED	
GreatAmerica Leasing Receivables Funding LLC - Series 2012-1	
 	
Class    Rating       Type            Interest     Amount	
                                      rate       (mil. $)	
A-1      A-1+ (sf)    Senior          Fixed         88.12	
A-2      AAA (sf)     Senior          Fixed         72.89	
A-3      AAA (sf)     Senior          Fixed        100.47	
A-4      AAA (sf)     Senior          Fixed         88.00	
B        AA (sf)      Subordinate     Fixed         16.01	
C        A+ (sf)      Subordinate     Fixed         11.00
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