Fitch Downgrades 1 & Affirms 31 Classes of FFCA Secured Franchise Loan Trusts.

CHICAGO -- Fitch Ratings has taken the following rating actions on the five FFCA Secured Franchise Loan Trusts listed below:

FFCA series 1997-1:

--Class B-2 affirmed at 'AA';

--Class C-2 affirmed at 'A"

--Class D-2 affirmed at 'BBB';

--Class E-2 affirmed at 'BBB-';

FFCA series 1998-1:

--Class B-1 affirmed at 'AA';

--Class C-1 affirmed at 'A';

--Class D-1 affirmed at 'BB';

--Class I-O affirmed at 'AAA'.

FFCA series 1999-1:

--Class A1-b affirmed at 'AAA';

--Class A-2 affirmed at 'AAA';

--Class B-1 affirmed at 'A';

--Class B-2 affirmed at 'A';

--Class C-1 affirmed at 'BBB';

--Class C-2 affirmed at 'BBB';

--Class D-1 affirmed at 'BBB-';

--Class D-2 affirmed at 'BBB-';

--Class I-O affirmed at 'AAA'.

FFCA series 1999-2:

--Class A-1c currently rated 'AAA' remains on Rating Watch Negative;

--Class A-2 downgraded to 'CC/DR4' from 'CCC/DR3';

--Class B-1 remains at 'CC/DR2';

--Class B-2 remains at 'C/DR6';

--Class C-1 remains at 'C/DR6';

--Class C-2 remains at 'C/DR6';

--Class D-1 remains at 'C/DR6';

--Class D-2 remains at 'C/DR6';

--Class E-1 remains at 'C/DR6';

--Class E-2 remains at 'C/DR6';

--Class I-O affirmed at 'BBB'.

Class A-1c rating is based on the strength of an MBIA insurance policy.

FFCA series 2000-1:

--Class A-2 currently rated 'AAA' remains on Rating Watch Negative;

--Class B affirmed at 'B/DR1';

--Class C remains at 'CCC/DR1';

--Class D remains at 'C/DR6';

--Class E remains at 'C/DR6';

--Class I-O affirmed at 'BBB'.

Class A-2 rating is based on the strength of an MBIA insurance policy.

Fitch's analysis incorporated anticipated losses on defaulted collateral given the servicer's and Fitch's recovery expectations. Fitch's recovery expectations are based on historical collateral-specific recoveries experienced in the franchise Asset Backed Securities (ABS) sector. The resulting anticipated collateral losses were then applied to the transaction structure, enabling Fitch to assess the impact of the losses on the securities and available credit enhancement.

With the exception of 1999-2, Fitch rated FFCA transactions were found to have credit support consistent with Fitch's previous review leading to the affirmation of the current ratings. Recovery expectations on defaulted collateral in series 1999-2 have slightly declined since the last review. This decline is reflected in the rating downgrade and lowering of the distressed recovery rating for the class A-2 certificates.

Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.