OREANDA-NEWS. Fitch Ratings has taken the following rating action on Distribution Financial Services RV/Marine Trust 2001-1:

--Class D notes affirmed at 'C/Recovery Estimate (RE) revised to 15% from 0%'.

KEY RATING DRIVERS

The transaction has no remaining hard credit enhancement, continues to generate negative excess spread, and the class D notes remain undercollateralized. Fitch expects the remaining collateral receivables will partially pay down the outstanding class D note principal, but not in full.

Fitch's analysis incorporated anticipated losses on defaulted collateral and takes into consideration Fitch's recovery expectation, both of which are based on historical experience. The resulting anticipated collateral losses were then applied to the transaction structure, enabling Fitch to assess the impact of the losses on the remaining class D notes, and revise the RE to 15%. Actual recoveries may be different depending on the performance of the remaining obligors. Fitch will continue to closely monitor the performance of the transaction.

RATING SENSITIVITIES

Given the transaction's current rating of 'Csf', which Fitch characterizes as default is imminent or inevitable, no rating sensitivity was conducted.