By: Matt Doty: GreatAmerica: Fitch Ratings – New York – 09 Aug 2021: Fitch Ratings has taken various rating actions on GreatAmerica Leasing Receivables Funding L.L.C., Series 2018-1, 2019-1 and 2020-1.
KEY RATING DRIVERS
The rating actions are based on available CE and loss performance to date. The collateral pool continues to perform within Fitch’s expectations and hard CE is building for all outstanding classes. The securities are able to withstand stress scenarios consistent with the current ratings and make full payments to investors in accordance with the terms of the documents. The Positive Outlook on the applicable class reflects the possibility for an upgrade in the next one to two years.
Current obligor concentrations for all three transactions have declined from initial levels; thus Fitch believes the transaction has limited exposure to obligor concentration risk. As such, the primary rating approach was the stressed loss approach.