Fitch Rates GE Business Loan Trust 2006-2.

CHICAGO -- Fitch rates GE Business Loan Trust (GEBLT) 2006-2, as follows:

--$841,454,006 class A certificates 'AAA';

--$34,423,118 class B certificates 'AA';

--$45,897,491 class C certificates 'A';

--$34,423,119 class D certificates 'BBB'.

The class A rating reflects credit enhancement provided by the subordination of the class B certificates (3.6%), the class C certificates (4.8%), the class D certificates (3.6%), the spread account, and expected excess spread. The class B rating reflects credit enhancement provided by the subordination of the class C certificates, class D certificates, the spread account, and expected excess spread. The class C rating reflects credit enhancement provided by the subordination of the class D certificates, the spread account, and expected excess spread. The class D rating reflects credit enhancement provided by the spread account and expected excess spread. The ratings address the payment of interest and principal in accordance with the terms of the legal documents.

The certificates are backed primarily by a pool of conventional business loans and unguaranteed portion of Small Business Administration Section 504 Program (SBA 504) loans made to small businesses. The loans are secured by first liens on owner-occupied or single-tenant retail, office, industrial, or other commercial real estate. None of the underlying business loans are insured or guaranteed by any governmental agency. The loans were originated by GE Commercial Finance Business Property Corporation (GECF) and the Small Business Finance (SBF) lending division of General Electric Capital Corporation (GECC). This transaction represents the eighth term securitization of loans originated by the GECF and SBF business units.

The trust assets consist primarily of 406 business loans made to 360 borrowers. The $956 million underlying collateral pool consists of approximately $591 million (61.8%) of conventional business loans originated by GECF and approximately $365 million (38.2%) of loans originated by SBF. Approximately $127 million (13.3%) of the underlying pool consists of SBA 504 loans. The loans are secured by first liens on owner-occupied or single tenant retail, office, industrial, or other commercial real estate. The pool is diversified geographically, with loans from 43 states. The largest state concentrations are in California (17.4%), Texas (12%), Florida (8.6%), Washington (4%) and North Carolina (3.8%).

Fitch took into consideration both quantitative and qualitative factors in evaluating GEBLT's credit enhancement structure. After reviewing historical default and recovery data on both an annual and static pool basis to develop an expected loss rate, Fitch analyzed cash flows reflecting stressed default rates, recovery rates, and recovery timing lags under several default timing scenarios. Fitch also assessed borrower and balloon payment concentrations over the life of the transaction. This review included a semiannual comparison of top borrower concentrations with expected credit enhancement. Fitch's ratings also took into consideration the historical delinquency and loss performance of GECF and SBF; the origination, underwriting, and servicing experience of GECF and SBF; the role of GECC as master servicer; and the sound legal and payment structure.

Classes A, B, C and D certificates will pay floating-rate interest based on a spread over one-month London Interbank Offered Rate (LIBOR). Principal will be paid to the class A, B, C and D certificates on a pro rata basis.

The interest rate swap counterparty is General Electric Capital Services, Inc., a subsidiary of General Electric Company (GE). The class A, B, C, and D certificates were privately placed pursuant to Rule 144A.

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.