Fitch Affirms Macquarie Equipment Finance Trust 2011-A

CHICAGO--()--Fitch Ratings Affirms Macquarie Equipment Finance Trust 2011-A (MEFT 2011-A) as follows:

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class A-3 at 'AAAsf'; Outlook Stable.

Fitch's analysis of Macquarie Equipment Finance Trust 2011-A incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model (PCM) as the collateral pool contains high obligor concentrations and loss experience on MEFT's managed portfolio is limited. This approach is detailed in Fitch's criteria 'Global Rating Criteria for Corporate CDOs,' dated Aug. 8, 2012. All other aspects of this review are consistent with 'Criteria for Rating U.S. Equipment Lease and Loan ABS,' dated Dec. 28, 2012.

The affirmations to both outstanding classes reflect credit support available to each class which is consistent with the current ratings. In addition, collateral performance has been strong to date as the trust has only experienced 6 bps of net loss.

Fitch will continue to closely monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.

Additional information is available at 'www.fitchratings.com' . The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Equipment Lease and Loan ABS' (Dec. 28, 2012);

--'Global Rating Criteria for Corporate CDOs' (Aug. 8, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Criteria for Rating U.S. Equipment Lease and Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697250

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683910

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Contacts

Fitch Ratings
Primary Analyst:
Thomas Kaiser, CPA, +1-312-368-3338
Fitch Ratings, Inc.
70 W Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Bradley Sohl, +1-312-368-3127
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst:
Thomas Kaiser, CPA, +1-312-368-3338
Fitch Ratings, Inc.
70 W Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Bradley Sohl, +1-312-368-3127
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com