OREANDA-NEWS. Fitch Ratings has affirmed six classes of notes issued by GE Equipment Transportation LLC series 2012-2 and 2013-1 and upgraded one class from 2013-1. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The upgrades of the class C notes in 2013-1 reflect strong performance to date with cumulative net losses (CNL) tracking inside of Fitch's initial expectation as well as increasing modeled loss coverage multiples. As of the November 2015 payment date, loss coverage has improved due to increasing credit enhancement (CE) and is consistent with the ratings and aforementioned upgrade. The affirmation of class A, B and C notes in 2012-2, and the class A and B notes in 2013-1 reflects net loss coverage levels consistent with their 'AAAsf' ratings.

RATING SENSITIVITIES
As the transactions continue to delever and benefit from the 50% excess turbo feature, CE is expected to continue increasing through the remaining lives of each transaction. As such, the transactions are able to sustain substantially higher losses than Fitch's base case.

To date, the transaction has exhibited strong performance with losses within Fitch's initial expectations, with rising loss coverage and increasing multiples. As such, continued strong performance for this transaction would most likely result in stable ratings. Conversely, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in the reports titled 'GE Equipment Transportation, L.L.C Series 2012-2 - Appendix' and 'GE Equipment Transportation, L.L.C Series 2013-1 - 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 March 26, 2015.

Fitch has affirmed the following ratings:

GE ET 2012-2
- Class A-4 notes at 'AAAsf' Outlook Stable
- Class B notes at 'AAAsf' Outlook Stable
- Class C notes at 'AAAsf' Outlook Stable

GE ET 2013-1
- Class A-3 notes at 'AAAsf' Outlook Stable
- Class A-4 notes at 'AAAsf' Outlook Stable
- Class B notes at 'AAAsf' Outlook Stable

Fitch has upgraded the following class:

--Class C notes to 'AAAsf' from 'AAsf'; Outlook revised from positive to Stable.