Fitch Affirms Huntington Technology Funding Trust 2012-A

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has taken the following rating actions on Huntington Technology Funding Trust 2012-A as follows:

--Class A-3 affirmed at 'AAAsf; Outlook Stable;

--Class B affirmed at 'AAsf'; Outlook Positive

--Class C affirmed at 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Fitch affirmed Huntington Technology Funding Trust 2012-A formerly known as Macquarie Equipment Funding Trust 2012-A. The affirmation of the notes reflects the credit enhancement (CE) levels available to each class which provides for net loss coverage levels commensurate with the ratings.

Given strong performance and increasing CE levels, the Outlook remains Positive for class B; however, the potential increase in obligor concentration as the portfolio amortizes could limit positive rating actions. The Stable Outlook on C reflects the expected stable CE for the notes.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults, or decreases in recovery rates, could produce loss levels higher initial expectation and could result in potential rating actions on the notes. In its initial review, Fitch evaluated the sensitivity of ratings assigned to unrated obligors in order to increased default levels. The transaction did show sensitivity to higher default rates, which Fitch stressed by assuming all unrated obligors carry a 'CCC' Issuer Default Rating. As a result of increased CE, the transaction currently shows minimal sensitivity to the same stress. However, a material increase in obligor concentrations may impact future sensitivities for this transaction. Initial Key Rating Drivers and Rating Sensitivities are further described in the new issue report published Nov. 27, 2012 available at www.fitchratings.com.

DUE DILIGENCE USAGE

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

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating U.S. Equipment Lease and Loan ABS (pub. 23 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=830328

Global Rating Criteria for CLOs and Corporate CDOs (pub. 30 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868908

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

Macquarie Equipment Funding Trust 2012-A -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695949

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=990866

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990866

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=3

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150916006207/en/

Fitch Ratings Inc.
Surveillance Analyst
Thomas Kaiser, CPA, CFA
Associate Director
+1-312-368-3338
Fitch Ratings Inc.
70 W Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2068
or
Media Relations
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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