TEXT-S&P rates GreatAmerica Leasing Receivables Funding notes

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