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S&P Assigns Ratings to First Security Auto Owner Trust 2000-1

30 June 2000

S&P Assigns Ratings to First Security Auto Owner Trust 2000-1

    NEW YORK - Standard & Poor's today assigned its ratings to First Security 
Auto Owner Trust 2000-1's asset-backed notes.

    The ratings on the class A notes reflect credit enhancement in the form of
a 5.0% subordinated B class, and all notes receive benefit from a reserve
account and excess spread. The reserve account is funded with 3.75% of the
initial receivables amount and captures excess interest until the reserve
account balance reaches its specified amount of 5.25% of the aggregate
receivables balance. The specified reserve account balance will increase to
9.0% if the average net loss ratio exceeds 1.50% or the average 60-plus day
delinquency ratio exceeds 1.25%. Excess interest collections make up the
remaining credit enhancement and are expected to equal approximately 2.0% per
year. Principal will be paid sequentially to the class A notes until paid in
full and then to the class B notes. This payment structure differs from the
1999-2 transaction where principal payments were made pro rata between the
class A and class B notes and would switch to a sequential pay upon the breach
of a reserve account or gross loss trigger event.

    This is the eighth auto securitization and the fourth owner trust auto
securitization completed by the originator of the pool of receivables, First
Security Bank N.A. of Salt Lake City, Utah, which has a serviced portfolio of
$4.41 billion as of March 2000. First Security Bank originates loans in 17
western states from three dealer centers located in Utah and Idaho. The pool
of receivables includes predominately all indirect prime quality loans and has
a weighted average contract rate of 10.22%.

    First Security Bank has been originating auto loans since 1942, and has
been rapidly expanding its operations recently as evidenced by an average
annual growth rate of 30% for 1997 through 1999. Net loss experience increased
from 0.90% at year-end 1999, to 1.30% as of March 2000. Total over 30-day
delinquent accounts decreased from 2.85% at year-end 1999, to 1.89% as of
March 2000. Portfolio loss and delinquency results for the forth quarter of
1999 and the first quarter of 2000 were affected by a servicing disruption
associated with a new collection system, Standard & Poor's said. -- CreditWire

    RATINGS ASSIGNED

    Issue                                                    Rating
    First Security Auto Owner Trust 2000-1
    Class A-1 $263,000,000 6.7725% asset-backed notes        A-1+
    Class A-2 $493,000,000 7.20% asset-backed notes          AAA
    Class A-3 $358,000,000 7.30% asset-backed notes          AAA
    Class A-4 $321,300,000 7.40% asset-backed notes          AAA
    Class B $75,630,000 7.70% asset-backed notes             A-