Fitch Ratings has affirmed the Textron Financial Corporation Receivables Trust 2002-CP-2, series 2002-1 variable funding notes at 'BBBsf' and assigned a Stable Outlook.
The affirmation reflects transaction performance which has been within expectations to date, as well as available credit enhancement which is provided through overcollateralization. The notes are backed by a pool of receivable contracts secured by aircraft primarily manufactured by Cessna.
Fitch will continue to monitor this transaction and may take additional rating actions 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.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' dated June 6, 2012;
--'Rating U.S. Equipment Lease and Loan Securitizations' dated Jan. 10, 2012.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Criteria for Rating U.S. Equipment Lease and Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663732
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Fitch Ratings
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