Fitch Expects to Rate GE Equipment Small Ticket LLC, Series 2011-2

Fitch Ratings expects to rate GE Equipment Small Ticket LLC, series 2011-2 as follows:

--$116,500,000 class A-1 notes 'F1+sf';

--$136,000,000 class A-2 notes 'AAAsf'; Outlook Stable;

--$117,000,000 class A-3 notes 'AAAsf'; Outlook Stable;

--$43,838,000 class A-4 notes 'AAAsf'; Outlook Stable;

--$10,859,000 class B notes 'AAsf'; Outlook Stable;

--$12,477,000 class C notes 'Asf'; Outlook Stable;

--$21,949,000 class D notes 'BBBsf'; Outlook Stable.

Fitch's stress and rating sensitivity analysis are discussed in the presale report titled 'GE Equipment Small Ticket LLC, Series 2011-2', dated Nov. 14, 2011, which is available on Fitch's web site. The presale report details how Fitch addresses the key rating drivers which are summarized below.

KEY RATING DRIVERS

High Concentration of Office Equipment: Approximately 97.4% of series 2011-2 is office equipment collateral. This concentration is higher than previous securitizations, which consisted of 39%-86% of this collateral type. Historically, office equipment collateral has performed worse than non-office equipment collateral.

Improving Asset Performance: Although the collateral mix is weaker than all prior small ticket transactions, GECC's managed static pool data has experienced improved loss performance for more recent vintages in the office equipment portfolio. Furthermore, all transactions issued by GECC have experienced cumulative net losses (CNL) inside of Fitch's initial expectations.

Sufficient Credit Enhancement: All classes benefit from a reserve account which will be funded at 1.15% of the initial aggregate lease book value, down from 1.50% in series 2011-1. The series 2011-2 transaction also benefits from overcollateralization of 0.75%, down from 1.45% in 2011-1. Similar to prior transactions, the 2011-2 will benefit from a turbo mechanism that allocates 50% of all excess collections to pay down the notes.

Quality of Origination, Underwriting, and Servicing Platform: GECC has demonstrated adequate abilities as originator, underwriter, and servicer, as evidenced by historical delinquency and loss performance of securitized trusts and the managed portfolio.

Integrity of Legal Structure: The legal structure of the transaction should provide that a bankruptcy of the trust would not impair the timeliness of payments on the securities.

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' dated Jan. 25, 2011;

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

Applicable Criteria and Related Research: GE Equipment Small Ticket LLC, Series 2011-2

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656511

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595006

Global Structured Finance Rating Criteria

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

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