OREANDA-NEWS. Fitch Ratings has taken the following rating actions on GE Equipment Midticket LLC (GE EMT), series 2013-1 notes:

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook to Stable from Positive.

KEY RATING DRIVERS
The upgrade of the class B notes to 'AAAsf' reflects the credit enhancement (CE) levels for the class. Additionally, the affirmation of the class A notes reflects the continued strong CE growth and loss coverage growth commensurate with an 'AAAsf' rating. Furthermore, both classes can now sustain net losses of the top obligor concentrations. The transaction has performed within initial expectations with 23 basis points in cumulative net losses as of the July reporting period. All notes have a Stable Outlook. Fitch will continue monitoring the performance of these transactions.

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxies, which would impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to 1.5x and 2.5x higher of Fitch's base case loss expectations. Initial key rating drivers and rating sensitivities are further described in the presale report published Sept, 16, 2013, available at www.fitchratings.com.

To date, the transaction has exhibited strong performance with losses within Fitch's initial expectations, with rising loss coverage and increasing multiples.. As such, continued strong performance for this transaction would most likely result in stable ratings. Conversely, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch's analysis of the Representations and Warranties (R&W) of this transactions can be found in 'GE Equipment Mid-Ticket, L.L.C Series 2013-1 - 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.