OREANDA-NEWS. Fitch Ratings has taken the following actions on Falcon Franchise Loan transaction as listed below:

Falcon Auto Dealership LLC, Series 2001-1
--Class D notes affirmed at 'Csf' and withdrawn RE 80%;
--Class E notes affirmed at 'Dsf' and withdrawn RE0%;
--Class F notes affirmed at 'Dsf' and withdrawn RE0%.

KEY RATING DRIVERS

Fitch has affirmed class D notes at 'Csf' in the 2001-1 transaction as default is considered inevitable as all notes are under collateralized and has substantial interest shortfalls. Fitch affirmed class E and F notes at 'Dsf'. Additionally, the class D RE is 80% and classes E-F have a RE0% reflecting Fitch's expectation of principal allocation to the notes. Furthermore, Fitch has withdrawn the ratings as Fitch's coverage is no longer considered relevant.

RATING SENSITIVITIES

As the loan count continues decreasing, the performance of the notes, may be impacted by obligor performance deterioration. As a result, actual recoveries may be different than Fitch's RE.