Fitch Ratings Upgrades Two GE Equipment Transactions.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken various rating actions on the following GE Equipment transactions: GE Commercial Equipment Financing LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Series 2005-1 --Class B upgraded to 'AA' from 'A'; --Class C upgraded to 'A' from 'BBB'; --Class A-3a and A-3b affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA'; --Class A-4 affirmed at 'AAA'. GE Equipment Small Ticket LLC, Series 2005-1 --Class B upgraded to 'AA' from 'A'; --Class A-3 affirmed at 'AAA'; --Class A-4 affirmed at 'AAA'. The upgrades to the class B and C notes of GE Commercial Equipment Financing LLC, series 2005-1 (GECEF 2005-1) is due to solid performance within the transaction. Fitch fitch: see polecat. notes, after 29 months of performance at a 34% pool factor, there has been only 16 basis points (bps) in cumulative net losses. As a result credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for all notes, in the form of a non-declining reserve account and overcollateralization Overcollateralization The posting of more collateral than is needed to obtain financing. Notes: This is often done in order to get a better debt rating from a credit rating agency. See also: Collateral, Overcapitalization resulting from the use of excess spread to pay down the most senior notes outstanding, has increased. Class B notes also benefit from the subordination of the class C notes, while the class A notes benefit from the subordination of the class B and C notes. The upgrade to the class B notes of GE Equipment Small Ticket LLC, series 2005-1 (GEEST 2005-1) is also due to solid performance within the transaction. Fitch notes, after 26 months of performance at a 35% pool factor, there has been only 1.29% in cumulative net losses. As a result credit enhancement for all notes, in the form of a non-declining reserve account and overcollateralization resulting from the use of excess spread to pay down the most senior notes outstanding, has increased. The class A notes also benefit from the subordination of the class B notes. In addition all classes benefit from monthly booked residuals. Fitch will continue to closely monitor these transactions and may take additional rating actions in the event of continued positive performance and further increasing credit enhancement. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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