Fitch Affirms MassMutual Asset Finance Equipment Finance Trust LLC 2011-A
Fitch Ratings has affirmed the ratings of MassMutual Asset Finance Equipment Finance Trust 2011-A (MMAFEF 2011-A) as follows.
Class A-2 at ‘AAAsf’; Outlook Stable;
Class A-3 at ‘AAAsf’; Outlook Stable;
Class A-4 at ‘AAAsf’; Outlook Stable;
Class A-5 at ‘AAAsf’; Outlook Stable;
Class B at ‘AAsf’; Outlook Stable;
Class C at ‘Asf’; Outlook Stable;
Class D at ‘BBBsf’; Outlook Stable.
Fitch’s analysis of MMAFEF 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. 10, 2011. All other aspects of this review are consistent with ‘Criteria for Rating U.S. Equipment Lease and Loan ABS,’ dated Jan. 11, 2012.
The affirmations to all 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 had zero delinquencies and zero losses.
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.