OREANDA-NEWS. Fitch Ratings affirms MMAF Equipment Finance LLC Series 2009-A as follows:

--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAAsf'; Outlook Stable;
--Class C affirmed at 'AAAsf'; Outlook Stable;
--Class D upgraded to 'AAAsf' from 'AAsf'; Outlook to Stable from Positive.

KEY RATING DRIVERS
Fitch's analysis of MMAF 2009-A incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model (PCM) as the collateral pool contains high obligor concentrations, and loss experience on MMAF's managed portfolio is currently well within initial Fitch expectations. This approach is detailed in Fitch's criteria 'Global Rating Criteria for Corporate CDOs,' dated July 30, 2015. All other aspects of this review are consistent with 'Criteria for Rating U.S. Equipment Lease and Loan ABS,' dated Dec. 23, 2014.

The upgrade of class D reflects the growing CE available to the notes. The affirmation of the class A-4, B, and C notes reflects credit support available which is consistent with the current ratings for all classes. In addition, collateral performance has been strong to date, and each trust has had limited delinquencies and zero losses. Fitch will continue to monitor this transaction and may take rating actions in the event of changes in performance and credit enhancement measures.

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. In its initial review, Fitch evaluated the sensitivity of ratings assigned to unrated obligors to increased default levels. The transaction did show significantly more sensitivity to higher default rates, which Fitch stressed by assuming all unrated obligors carry a 'CCC' Issuer Default Rating. As a result of increased credit enhancement, the transactions currently show minimal sensitivities to the same stress.

Additionally at close, Fitch's analysis found that the transaction displays relatively modest sensitivity to different recovery rates. Initial key rating drivers and rating sensitivities are further described in the new issue reports published on Fitch's website.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.