OREANDA-NEWS.  Fitch Ratings has taken the following rating actions on GreatAmerica Leasing Receivables Funding, L.L.C., series2013-1, 2014-1 and 2015-1:

2013-1
Class A-4 affirmed at 'AAAsf'; Outlook Stable;
Class B affirmed at 'AAAsf'; Outlook Stable;
Class C affirmed at 'AAAsf'; Outlook Stable.

2014-1
Class A-3 affirmed at 'AAAsf'; Outlook Stable;
Class A-4 affirmed at 'AAAsf'; Outlook Stable;
Class B upgraded to 'AAAsf' from 'AAsf'; Outlook to Stable from Positive;
Class C upgraded to 'AAsf' from 'Asf'; Outlook Positive.

2015-1
Class A-2 affirmed at 'AAAsf'; Outlook Stable;
Class A-3 affirmed at 'AAAsf'; Outlook Stable;
Class A-4 affirmed at 'AAAsf'; Outlook Stable;
Class B affirmed at 'AAsf'; Outlook to Positive from Stable;
Class C affirmed at 'Asf'; Outlook to Positive from Stable.

KEY RATING DRIVERS
The upgrade of the class B and C notes in the 2014-1 transaction reflects the growth in hard credit enhancement (CE) since close and strong loss performance to date. All three transactions are performing within Fitch's initial base case loss proxies. The Outlook revision to Positive for the class B and C notes in the 2015-1 transaction reflects the possibility for positive rating actions in the next 12-18 months. The Stable Outlook for all other outstanding classes reflects Fitch's expectation for loss coverage and CE to continue to improve as the transactions amortize.

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce cumulative net loss (CNL) levels higher than the base cases and would likely result in declines of CE and remaining loss coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

A similar negative impact on loss coverage can also be expected from a lower than expected residual realization rate on the leases. At the time of initial rating, Fitch conducted a sensitivity analysis for each transaction by eliminating any residual realizations benefit and stressing each transaction's initial base case CNL assumption by 1.5x as well as examining the rating implications for all classes of issued notes. The elimination of the residual realizations benefit, while assuming the base case loss proxy, represents a moderate stress. Eliminating residual realizations and a 1.5x increase of the base case CNL represent a severe stress. These stresses are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust's performance.

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 following appendices: 'GreatAmerica Leasing Receivables Funding, L.L.C Series 2013-1 - Appendix', 'GreatAmerica Leasing Receivables Funding, L.L.C. Series 2014-1 - Appendix', and 'GreatAmerica Leasing Receivables Funding, L.L.C. Series 2015-1 - 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 June 12, 2015.