Fitch Ratings has taken the following rating actions on Peachtree Franchise Loan Notes, series 1999-A:
--Class A-2 affirmed at 'BBBsf'; Outlook Stable;
--Class B affirmed at 'Bsf'; Outlook Stable;
--Class C affirmed 'Dsf'; Recovery Rating revised to 'RR3' from 'RR4';
--Classes D and E affirmed at 'Dsf/RR6'.
Prior to today's rating actions classes A-2 and B were on Rating Watch Negative.
The affirmations reflect each class of notes' ability to pass stress case scenarios consistent with the current rating levels. Additionally, recovery prospects for the distressed notes have changed, leading to a revision of the Recovery Rating (RR) for class C. For additional detail on Recovery Ratings, please refer to Fitch's 'Criteria for Structured Finance Recovery Ratings' dated July 12, 2011.
The Stable Rating Outlooks assigned to the class A-2 and B notes 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 near term expectations.
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
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