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Chase Manhattan Auto Grantor Trust 1996-B Upgraded

18 August 1999

Chase Manhattan Auto Grantor Trust 1996-B Upgraded

    NEW YORK--Aug. 17, 1999--Fitch IBCA upgrades Chase Manhattan Auto Grantor Trust 1996-B's class B automobile loan pass through certificates and Chase Manhattan Auto Owner Trust 1996-C's class B asset-backed certificates to `AA+' from `A+'. In addition, Chase Manhattan Auto Owner Trust 1997-A's and 1997-B's class B asset-backed certificates are upgraded to `AA' from `A+'.
    The rating upgrades are a result of increased available credit enhancement for each transaction in excess of expected remaining losses. The collateral continues to perform within Fitch IBCA's expectations and, under each credit enhancement structure, the bonds can now sustain losses consistent with `AA+' and `AA' stress scenarios, respectively, and still make full and timely payments of principal and interest. As before, the ratings reflect the quality of Chase's retail auto loan originations, the sound financial and legal structure of the transactions and servicing provided by Chase USA.