2011-03-30 20:45:17 -

Fitch Ratings has assigned a rating of 'BBBsf' and a Stable Outlook to the Class A notes in GECF Loan Funding II, LLC (GECF LF).

The assigned rating reflects Fitch's review of the underlying collateral and transaction structure. Under Fitch's analysis, the Class A notes can withstand stress scenarios consistent with that of 'BBBsf' rating category. The rating for the notes also will be limited by risks related to the interest swap agreement in place. Due to the uncertainty of the amount of termination payments, the rating is capped at the swap provider's Issuer Default Rating (Bank of America, N.A., currently rated 'F1+/A+', on Rating Watch Negative). Consistent with Fitch's counterparty criteria, as the IDR of the counterparty is on Rating

Watch, the rating cap is one notch below the current IDR. As such, the rating cap on the Class A notes is currently 'Asf'. The assigned rating is the lower of Fitch's underlying collateral review and the rating cap.

The Bank of America funded facility is backed by GE Equipment Finance (EF) originated equipment leases and loan. The receivables were originated by GE EF's Transportation (TF) and Vendor Finance (VFS) platforms. Though these types of originations have been included in GE's prior mid-ticket term securitizations, the concentrations for the receivables are notably higher in GECF LF. Specifically, TF receivables represent approximately 50% of the GECF LF pool, compared to concentrations of 38%-40% in GE mid-ticket trusts. VFS receivables represent approximately 50% of the GECF LF pool, compared to concentrations of 15%-19% in prior transactions. TF and VFS receivables have historically performed weaker than other origination platforms. As a result, GECF LF has experienced higher loss performance than that of GE term securitizations with cumulative net losses (CNL) at 2.99% to date.

Fitch's analysis was consistent with its Equipment Lease and Loan criteria. As the facility is currently amortizing, Fitch forecasted expected losses for the performing portion of the remaining pool. Based on current performance, Fitch's loss expectation is 2.88% (0.65% in additional CNL based on initial facility balance) in CNL for the outstanding pool. In its analysis, Fitch gave no recovery credit to what was deemed as non-performing collateral: repossessions, non-accrual accounts, and modified leases/loans. The non-performing collateral was assumed defaulted in Fitch's modeling stresses.

Additional information is available at ' www.fitchratings.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. '

Applicable Criteria and Related Research.

-- 'Rating Criteria for US Equipment Lease and Loan ABS', dated Jan. 25, 2011;

-- 'Global Structured Finance Rating Criteria', dated Aug. 10, 2010;

-- 'Counterparty Criteria for Structured Finance Transactions', dated March 14, 2011;

-- 'Counterparty Criteria for Structured Finance Transactions.
Derivative Addendum', dated March 14, 2011.

Applicable Criteria and Related Research.

Counterparty Criteria for Structured Finance Transactions www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

Counterparty Criteria for Structured Finance Transactions: Derivative Addendum www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

Global Structured Finance Rating Criteria www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

Criteria for Rating U.S. Equipment Lease and Loan ABS www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

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Fitch, Inc.Primary Analyst:Du Trieu, +1-312-368-2091Senior
Director70 W. Madison St.Chicago, IL 60602orSecondary

Analyst:Juveria Mozaffar, +1-312-606-2335Associate DirectororCommittee
ChairpersonBrad Sohl, +1-312-368-3127Senior DirectororMedia
RelationsSandro Scenga, +1-212-908-0278 (New York) sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com