Fitch Withdraws Captec Franchise Loan ABS 1998-1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the following ratings for Captec Franchise Loan ABS 1998-1.

--Class B 'CCCsf'/RE 100%;

--Class C 'Dsf'/RE 0%.

KEY RATING DRIVERS

The withdrawal is due to a lack of relevancy of Fitch's coverage and a lack of investor interest. As reflected in the rating of 'CCCsf' on class B and 'Dsf' on class C, Fitch considers default to be a real possibility or has already occurred. Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. (For additional information, see Fitch's press release from May 13, 2015 detailing the planned rating action and providing a 30-day notice period for the withdrawal.)

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce loss levels higher than the current expectations and may impact Recovery Estimates.

The performance of the transactions will be affected by the performance of the largest obligors. Any prepayments will have a positive impact on the performance and future net loss coverage. Conversely, delinquencies and defaults from the loans to the largest obligor will have a negative impact on the remaining life of the transaction.

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

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

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

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986312

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/20150612005702/en/

Fitch Ratings
Surveillance Analyst
Thomas Kaiser, CPA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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