OREANDA-NEWS. Fitch Ratings has affirmed and revised the Outlook on the following classes of GreatAmerica Leasing Receivable Funding 2014-1 as indicated:

--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook to Positive from Stable;
--Class C at 'Asf'; Outlook to Positive from Stable.

KEY RATING DRIVERS
The affirmations to all outstanding classes reflect credit enhancement (CE) levels commensurate with their respective ratings. The transaction has experienced solid performance to date with 0.41% in cumulative net losses as of the January 2015 reporting period. These levels are tracking below Fitch's initial base case proxy of 2.75%.
The Positive Outlook for the class B and C notes reflects the possibility for positive rating actions in the next 12 to 18 months if current performance trends continue. All other classes have a Stable Outlook reflecting Fitch's expectation of stable performance and growing CE levels. Fitch will continue to monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy, which would impact available loss coverage. Lower loss coverage could impact ratings and rating outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to 1.5x and 2.5x Fitch's base case loss expectations.

To date, the transaction has exhibited solid performance with losses within Fitch's initial expectations, resulting in rising CE and loss coverage levels. As such, continued strong performance for this transaction would result in stable to positive rating actions. Conversely, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

Initial key rating drivers and rating sensitivities are further described in the New Issue Report titled 'GreatAmerica Leasing Receivables Funding, L.L.C., Series 2014-1', dated February 18, 2014. Fitch's analysis of the Representations and Warranties (R&W) can be found in 'GreatAmerica Leasing Receivables Funding, L.L.C Series 2014-1 - 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 Oct. 31, 2014.