Fitch Takes Ratings Actions on Captec Franchise Receivables Trusts.

CHICAGO -- Fitch takes the following rating actions on the outstanding classes for the following issues for Captec Franchise Receivables Trust:

Series 1996-A

-- Class A downgraded to 'CC' from 'CCC';

-- Class B downgraded to 'C' from 'CC'.

Series 1998-1

-- Class A-3 affirmed at 'BBB';

-- Class B downgraded to 'B' from 'BB';

-- Class C downgraded to 'C' from 'CCC';

-- Class A-X downgraded to 'BBB' from 'A'.

Series 2000-1:

-- Class A-1 downgraded to 'BBB' from 'A';

-- Class A-2 downgraded to 'BBB' from 'A';

-- Class B downgraded to 'B' from 'BBB';

-- Class C downgraded to 'CCC' from 'BB';

-- Class D downgraded to 'CC' from 'CCC';

-- Class E downgraded to 'C' from 'CC';

-- Class F remains at 'C';

-- Class A-IO downgraded to 'BBB' from 'A'.

The negative rating actions reflect additional reductions in the credit enhancement Fitch expects will be available to support each class in these transactions. These reductions are based on Fitch's expected recoveries on defaulted collateral. Fitch's recovery expectations are based on historical collateral-specific recoveries experienced in the franchise ABS sector. Rating affirmations are based on the transactions' performing within Fitch's expectations.

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.