Fitch Upgrades, Affirms & Revises Outlook on GE Equipment Small Ticket, LLC Series 2011-1

Fitch Ratings Upgrades 1, Affirms 4 and Revises the Rating Outlook on 2 classes of GE Equipment Small Ticket, LLC Series 2011-1 (GE EST 2011-1) as detailed below:

--Class A-2 affirmed at 'AAAsf'; Outlook Stable;

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;

--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook Stable;

--Class C affirmed at 'Asf'; Outlook to Positive from Stable;

--Class D affirmed at 'BBBsf'; Outlook to Positive from Stable.

The upgrade of the Class B Note reflects the strong performance to date with cumulative net losses of 44 bps, tracking inside of Fitch's initial expectations. Furthermore, loss coverage has improved due to increasing credit enhancement and is consistent with an upgrade. The affirmation of Class A Notes represent loss coverage and credit enhancement levels consistent with the rating.

The Positive Outlook for the Class C and D Notes reflect the possibility for positive rating actions in the next 12 to 18 months as losses are tracking inside of initial expectations and credit support is expected to continue to increase. Fitch will continue to closely monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.

The review of GE EST 2011-1 is consistent with Fitch's 'Criteria for Rating U.S. Equipment Lease and Loan ABS,' dated January 11, 2012.

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.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Equipment Lease and Loan ABS' (Jan. 11, 2012);

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

Applicable Criteria and Related Research:

Criteria for Rating U.S. Equipment Lease and Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663732

Global Structured Finance Rating Criteria

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

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