News Column

Fitch Affirms Peachtree Franchise Loan Notes Series 1999-A

August 27, 2014



CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed the ratings for Peachtree Franchise Loan Notes series 1999-A as follows:

--Class B at 'Bsf'; Outlook Stable;

--Class C at 'Dsf'; RE 40%;

--Class D at 'Dsf'; RE 0%;

--Class E at 'Dsf'; RE 0%.

KEY RATING DRIVERS

The affirmation of the class B notes reflects the class's ability to pass stress case scenarios consistent with the current ratings, as well as its exposure to growing obligor concentrations. Classes C, D, and E were affirmed at 'Dsf' as the classes have suffered principal writedowns. Due to accumulated interest shortfalls, the recovery estimates for class C is 40% and 0% for classes D and E. Fitch will continue to monitor this transaction and may take additional rating action in the event of changes in performance and credit enhancement measures.

RATING SENSITIVITIES

Due to the remaining obligor concentrations, the performance of the notes could be impacted by the performance of certain large obligors. This is a primary driver of the current 'Bsf' rating assigned to the class B notes. Deterioration in performance of these obligors may warrant negative rating actions on the class B notes.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Surveillance Criteria for Franchise Loan ABS' dated May 8, 2014;

-- Structured Finance Recovery Estimates for Distressed Securities' dated Nov 18, 2011;

--'Global Structured Finance Rating Criteria' dated August 4, 2014

Applicable Criteria and Related Research:

Surveillance Criteria for Franchise Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747882

Structured Finance Recovery Estimates for Distressed Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656557

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=859095

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Surveillance Analyst

Thomas Kaiser, CPA

Associate Director

+1 312-368-3338

Fitch Ratings, Inc.

70 West Madison St.

Chicago, IL 60602

or

Committee Chairperson

Du Trieu

Senior Director

+1 312-368-2091

or

Media Relations, New York

Alyssa Castelli, +1 212-908-0540

alyssa.castelli@fitchratings.com

Source: Fitch Ratings


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