Fitch Takes Various Actions on FFCA Transactions

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CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has taken the following rating actions on the outstanding FFCA Secured Franchise Loan Trusts as detailed below:

Series 1999-1

--Class C-1 affirmed at 'BBBsf'; Outlook Stable;

--Class D-1 affirmed at 'BBB-sf'; Outlook Stable;

--Class D-2 affirmed at 'BBB-sf'; Outlook Stable.

Series 1999-2

--Class B-1 affirmed at 'CCsf/RR1' and withdrawn;

--Class B-2 affirmed at 'Dsf/RR5' and withdrawn;

--Class C-1 affirmed at 'Dsf/RR4' and withdrawn;

--Class C-2 affirmed at 'Dsf/RR6' and withdrawn;

--Class D-1 affirmed at 'Dsf/RR6' and withdrawn;

--Class D-2 affirmed at 'Dsf/RR6' and withdrawn;

--Class E-1 affirmed at 'Dsf/RR6' and withdrawn;

--Class E-2 affirmed at 'Dsf/RR6' and withdrawn.

Series 2000-1

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

--Class C affirmed at 'CCCsf/RR1';

--Class D affirmed at 'Csf'; Recovery Rating revised to 'RR2' from 'RR4';

--Class E affirmed at 'Csf/RR5'.

Additionally, the following classes were removed from Rating Watch Negative:

--Series 1999-1: Classes C-1, D-1, and D-2;

--Series 1999-2: Class B-1;

--Series 2000-1: Classes B, C, D, and E.

The affirmations reflect each class of notes' ability to pass stress case scenarios consistent with the current rating levels. Additionally, the revision of the Recovery Rating for the class D notes of series 2000-1 is due to a change in the recovery prospects for this distressed note. For additional detail, please refer to Fitch's 'Criteria for Structured Finance Recovery Ratings' dated July 12, 2011.

The affirmations and subsequent withdrawal of the ratings in series 1999-2 is due to a significant single obligor concentration and diminishing credit support due to principal write-downs on subordinate classes. As a result, the notes are unable to sustain the default of one borrower without the notes in turn defaulting under Fitch's analysis. As such, in accordance with Fitch's criteria, notes with performance predominately dependant on a single obligor, Fitch cannot maintain ratings.

The Stable Outlook assigned to the ratings in series 1999-1 and class B in series 2000-1 reflects Fitch's view that the current ratings are not expected to change within the next 12-24 months, based on recent performance trends and available credit enhancement.

Fitch will continue to closely monitor these transactions and may take additional rating action in the event of changes in performance and credit enhancement measures.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

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 20, 2011;

--'Criteria for Structured Finance Recovery Ratings' dated July 12, 2011;

--'Global Structured Finance Rating Criteria' dated Aug. 4, 2011.

Applicable Criteria and Related Research:

Surveillance Criteria for Franchise Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=627449

Criteria for Structured Finance Recovery Ratings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=644902

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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 RatingsSurveillance AnalystMargaret Myers, +1-312-368-3167Associate DirectorFitch, Inc.70 West Madison St.Chicago, IL 60602orCommittee ChairHylton Heard, +1-212-208-0214Senior DirectororMedia Relations:Brian Bertsch, +1-212-908-0549Email: [email protected]

Source: Fitch Ratings

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