OREANDA-NEWS. June 16, 2015. Fitch Ratings has withdrawn the following ratings for Captec Franchise Loan ABS 1998-1.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.