Fitch Ratings affirms the ratings and revises Outlooks on GE Equipment Small Ticket L.L.C. Series 2014-1 (GE EST 2014-1) as follows:

Affirm class A-2 at 'AAAsf' Outlook Stable

Affirm class A-3 at 'AAAsf' Outlook Stable

Affirm class A-4 at 'AAAsf' Outlook Stable

Class B affirmed at 'AAsf'; Outlook Revised to Positive from Stable;

Class C affirmed at 'Asf'; Outlook Revised to Positive from Stable;

KEY RATING DRIVERS

The affirmation of all outstanding classes in GE EST 2014-1 is reflective of credit enhancement levels that are consistent with the ratings and strong collateral performance to date. As of March 2015 reporting period, only 37 bps of cumulative net losses have been experienced, which is lower than Fitch's initial expectations for the pool.

The Positive Outlook designation for the class B and C notes reflects Fitch's expectation for loss coverage to continue improving as the transaction amortizes and credit enhancement levels continue to build. The Positive Outlook designation on the notes reflects Fitch's view that the notes will continue to perform well and may warrant a review for potential positive rating action in the next 12-18 months.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxies which would impact available loss coverage. Lower loss coverage could impact ratings and rating outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transactions, the notes were found to have limited sensitivity to 1.5x and 2.5x higher of Fitch's base case loss expectations. Initial Key Rating Drivers and Rating Sensitivities are further described in Presale Report dated March 31, 2014.

To date, the transactions have exhibited strong performance with losses well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, continued strong performance for these transactions would most likely result in further positive rating actions. Conversely, a material deterioration in performance would have to occur within these asset pools to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'GE Equipment Small Ticket, L.L.C Series 2014-1 - Appendix'. These R&W are 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.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Equipment Lease and Loan ABS' (Dec. 23, 2014');

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (March 26, 2015).

--'GE Equipment Small Ticket, L.L.C Series 2014-1' (March 31, 2014);

--'GE Equipment Small Ticket, L.L.C Series 2014-1 - Appendix' (March 31, 2014).

Additional Disclosure

Solicitation Statushttp://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982083

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Fitch RatingsPrimary AnalystThomas Kaiser, CPA, +1-312-368-3338Associate DirectorFitch Ratings, Inc.70 W Madison St.Chicago, IL 60602orSecondary AnalystDu Trieu, +1-312-368-2091Senior DirectororCommittee ChairpersonHylton Heard, +1-212-908-0214Senior DirectororMedia Relations, New YorkSandro Scenga, +1-212-908-0278sandro.scenga@fitchratings.com