Weakness in the convenience store and gas station industry (C&G) finally took its toll on sector benchmark issuer Franchise Finance Corp. of America (now GE Capital Franchise Finance).

Last week Fitch Ratings nicked three formerly triple-A classes of FFCA 1999-2 to single-A, downgrading a total of about a dozen tranches. Both out of the C&G sector, bankrupt franchisees E-Z Serve and Clark Retail Enterprises account for $58 million and $89 million, respectively, in the 1999-2 issuance.

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