Fitch Affirms Peachtree Franchise Loan Notes Series 1999-A

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed the ratings for Peachtree Franchise Loan Notes series 1999-A as follows.

--Class C at 'Dsf'/RE 50%;;

--Class D at 'Dsf'/RE 0%;

--Class E at 'Dsf'/RE 0%;

KEY RATING DRIVERS

The affirmation of the notes at 'Dsf' reflects their defaulted status. Class C has a recovery estimate (RE) of 50% of current note balance while classes D and E have a RE of 0%.

Fitch is planning on withdrawing the ratings of Peachtree Franchise Loan Notes, Series 1999-A as classes C, D, and E, have defaulted. Accordingly, Fitch will no longer provide ratings or analytical coverage. Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch is providing approximately 30 days' notice to the market on the withdrawal as a courtesy to investors.

METHODOLOGY

In reviewing the transactions, Fitch took into account analytical considerations outlined in Fitch's 'Global Structured Finance Rating Criteria', issued Aug 4, 2014, including asset quality, credit enhancement, financial structure, legal structure, and originator and servicer quality.

Fitch's analysis of the transaction focused on its analysis of the obligor credit quality measured by their Fixed Charge Coverage Ratio (FCCR). If the obligor had a FCCR below 1.0x, Fitch assumed the obligor would default as they likely will not be able to continue making debt obligations. Also, Fitch assumed delinquent or specially serviced loans would default. Then, Fitch modeled the transaction assuming these obligors would default in month one and be liquidated in 24 months with a recovery rate consistent with historical observations based on loan type and real estate usage. Expected payments are considered under this base scenario to determine recovery estimates.

SENSITIVITY ANALYSIS

The recovery estimate of the class C notes may be different than expected if any of the remaining loans have performance issues.

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

Applicable Criteria and Related Research:

-- Structured Finance Recovery Estimates for Distressed Securities' (Nov. 18, 2011);

--'Global Structured Finance Rating Criteria' (March 31, 2015).

Applicable Criteria and Related Research:

Structured Finance Recovery Estimates for Distressed Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656557

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984619

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.

Fitch Ratings
Surveillance Analyst:
Thomas Kaiser, +1-312-368-3338
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Don Powell, +1-212-908-0570
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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