OREANDA-NEWS. Fitch Ratings expects to assign the following ratings and Outlooks to the class A notes issued by MMAF Equipment Finance LLC 2015-A upon closing of the transaction:

--\$153,000,000 class A-1 notes 'F1+sf';
--\$150,000,000 class A-2 notes 'AAAsf;' Outlook Stable;
--\$250,000,000 class A-3 notes 'AAAsf'; Outlook Stable;
--\$125,000,000 class A-4 notes 'AAAsf;' Outlook Stable;
--\$155,830,000 class A-5 notes 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS
Stronger Credit Quality: About 88.8% of the pool is publicly rated by a Nationally Recognized Statistical Rating Organization (NRSRO). The vast majority (82.1%) of the pool is rated investment grade by a NRSRO. The credit quality is slightly lower than that of 2014-A due to a decrease in U.S. government contracts, but the quality remains higher than other prior transactions.

Consistent Portfolio Diversification: Obligor, industry, equipment type, and geographic concentrations in 2015-A are more diverse versus the 2014-A transaction and are relatively consistent with 2013-A and prior pools. The top obligor, the U.S. government, totals 11.6%, and the top 10 obligors comprise 52.1% compared to the top 10 of 62.4% and 44.6% in 2014-A and 2013-A, respectively.

Strong Performance: MMAF's securitizations have performed well with minimal delinquencies and losses to date. Additionally, they have had almost no turn-ins and residual realization rates consistently over 100%, with all equipment sold to lessees.

Sufficient Enhancement: 2015-A has 10% total hard credit enhancement (CE) for the class A notes, 100 bps lower than 2014-A, and initial excess spread (XS) totals approximately 0.65%. CE is sufficient to support the loss coverage levels consistent with the expected ratings.

Quality Underwriting and Servicing Platform: MMAF does not originate contracts but purchases them from approved syndicators. However, MMAF demonstrates adequate abilities as an underwriter and servicer, as evidenced by historical performance of their securitizations and managed portfolio. Portfolio Financing Services Company (PFSC) is the sub/backup servicer for 2015-A.

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

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults or decreases in recovery rates could produce loss levels higher than the base case and could result in potential rating actions on the notes. Fitch evaluated the sensitivity of the ratings to increased obligor defaults in the portfolio by applying 'CCC' ratings to the unrated obligors in the portfolio, stressed down from the 'B' rating applied under the base recommended scenario. Additionally, recoveries were stressed by applying a stress of 50% to the base recovery rates. Fitch's analysis found that the transaction displays relatively little sensitivity to increased obligor defaults and decreased recovery rates. In both cases, the notes showed minimal rating sensitivity.

Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'MMAF Equipment Finance LLC 2015-A - Appendix'. This R&W is compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.

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