OREANDA-NEWS. Fitch Ratings affirms five series of MassMassachusetts Asset Finance (MMAF) Equipment Finance LLC as follows:

Series 2011-A
Class A-4 at 'AAAsf'; Outlook Stable;
Class A-5 at 'AAAsf'; Outlook Stable;
Class B at 'AAAsf'; Outlook Stable;
Class C at 'AAsf'; Outlook Stable;
Class D at 'Asf'; Outlook Stable.

Series 2012-A
Class A-4 at 'AAAsf; Outlook Stable;
Class A-5 at 'AAAsf'; Outlook Stable.

Series 2013-A
Class A-3 at 'AAAsf'; Outlook Stable;
Class A-4 at 'AAAsf'; Outlook Stable;
Class A-5 at 'AAAsf'; Outlook Stable;

Series 2014-A
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 A-6 at 'AAAsf'; Outlook Stable.

Series 2015-A
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.

KEY RATING DRIVERS

Fitch's analysis of MMAF incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model (PCM) as the collateral pool contains high obligor concentrations and limited loss experience on both MMAF's managed portfolio and securitization portfolio. This approach is detailed in Fitch's criteria "Global Rating Criteria for Corporate CDOs," dated November, 2015. All other aspects of this review are consistent with "Criteria for Rating U.S. Equipment Lease and Loan ABS," dated December 2015.

The affirmation of the notes reflects credit support available which is consistent with the current ratings for all classes and has increased since last rating action. In addition, collateral performance has been strong to date as each trust has had limited delinquencies and zero losses. Fitch will continue to monitor these transactions and may take additional rating actions in the event of changes in performance and credit enhancement measures.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults, or decreases in recovery rates, could produce loss levels higher than the base case and could result in potential rating actions on the notes. In its initial review, Fitch evaluated the sensitivity of ratings assigned to unrated obligors to increased default levels. The transaction did show more sensitivity to higher default rates, which Fitch stressed by assuming all unrated obligors carry a 'CCC' Issuer Default Rating. As a result of increased credit enhancement, the transactions currently show less sensitivity to the same stress.