Fitch Affirms GE Equipment Transportation LLC Series 2012-1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed GE Equipment Transportation LLC, Series 2012-1 (GE ET 2012-1) as follows:

-Class B notes at 'AAAsf'; Outlook Stable;-Class C notes at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERSThe affirmation of the notes is reflective of credit enhancement (CE) levels that are consistent with the ratings and strong collateral performance to date. As of the March 2015 payment date, cumulative net losses of 53 bps is lower than Fitch's initial expectations for the pool. The Stable Outlook reflects the expectation of continued strong performance due to high CE available.

RATING SENSITIVITIESAs the classes have substantial CE available to them, loss coverage levels show very minimal sensitivity to any potential losses. For Fitch's initial Key Rating Drivers and Sensitivities, please see Fitch's new issue report dated May 22, 2014.

Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in the reports titled 'GE Equipment Transportation, L.L.C Series 2012-1 - Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:--'Criteria for Rating U.S. Equipment Lease and Loan ABS' dated Dec. 23, 2014;--'Global Structured Finance Rating Criteria' dated Aug. 4, 2014;--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015;--'GE Equipment Transportation, L.L.C Series 2012-1' dated May 22, 2012;--'GE Equipment Transportation, L.L.C Series 2012-1 - Appendix' dated May 22, 2012.

Applicable Criteria and Related Research:Criteria for Rating U.S. Equipment Lease and Loan ABShttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=830328Global Structured Finance Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactionshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863817GE Equipment Transportation LLC, Series 2012-1 -- Appendixhttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748397GE Equipment Transportation LLC, Series 2012-1http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747596

Additional DisclosureSolicitation Statushttp://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983597ALL 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.

Fitch Ratings
Primary Analyst
Thomas Kaiser, CPA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 W Madison St.
Chicago, IL 60602
or
Committee Chairperson
Bradley Sohl
Senior Director
+1-212-908-0792
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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