OREANDA-NEWS. April 28, 2015. Fitch Ratings has affirmed GE Equipment Transportation LLC, Series 2012-1 (GE ET 2012-1) as follows:

-Class B notes at 'AAAsf'; Outlook Stable;
-Class C notes at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS
The affirmation of the notes is reflective of credit enhancement (CE) levels that are consistent with the ratings and strong collateral performance to date. As of the March 2015 payment date, cumulative net losses of 53 bps is lower than Fitch's initial expectations for the pool. The Stable Outlook reflects the expectation of continued strong performance due to high CE available.

RATING SENSITIVITIES
As the classes have substantial CE available to them, loss coverage levels show very minimal sensitivity to any potential losses. For Fitch's initial Key Rating Drivers and Sensitivities, please see Fitch's new issue report dated May 22, 2014.

Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in the reports titled 'GE Equipment Transportation, L.L.C Series 2012-1 - Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.