Fitch Affirms Distribution Financial Services RV/Marine Trust 2001-1; Withdraws Ratings

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed and withdrawn the following ratings for Distribution Financial Services RV/Marine Trust 2001-1:

--Class D at 'Csf', Recovery Estimate revised to 0% from 15%.

KEY RATING DRIVERS

The affirmation of the outstanding class D notes at 'Csf' reflects Fitch's view that default is considered inevitable.

The pool of RV/marine collateral consists predominately of aged, discretionary equipment, which Fitch believes will be unable to generate sufficient cash flow to repay the notes in full, as the size of the trust's remaining debt obligations far exceeds the value of the collateral.

The recovery estimate for the class D notes was revised to 0%, as the notes are expected to incur an incurable interest shortfall. Principal is expected to be locked out from collections, as all future collections will be applied to fees and interest only. Actual recoveries may be different depending on the performance of the remaining obligors.

Fitch is withdrawing the ratings of Distribution Financial Services RV/Marine Trust 2001-1 as they are no longer considered to be relevant to the agency's coverage.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Rating Criteria for U.S. Auto Loan ABS (pub. 21 Mar 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878723

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1001578

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001578

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160328005448/en/

Fitch Ratings
Primary Analyst
Andrew Tinari
Associate Director
+1-312-368-3127
Fitch Ratings, Inc.
70 West Madison St.
Chicago, IL 60602
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Sheila Busheri Scholarship Announces New Opportunity for Undergraduate Students Pursuing Medical Careers
• From a Student Learning Platform to AI That Checks Itself: Engineer Wenke Du's IEEE-Indexed Research Advances Trustworthy AI
• $83 Million Sale of Two Oregon Multifamily Assets Brokered by Institutional Property Advisors