Park Ave Receivables Corp. `A-1' CP Rtg

    NEW YORK--Standard & Poor's--May 9, 2001-- Standard & Poor's today affirmed its 'A-1' rating on the commercial paper notes of Park Avenue Receivables Corp. (PARCO).
    The rating action follows PARCO's purchase of $470 million in variable funding notes backed by a pool of trade receivables from a manufacturer of tire and rubber products.
    The rating on PARCO's commercial paper program is based on liquidity support from liquidity providers with short-term ratings commensurate with PARCO's 'A-1' rating and sufficient pool-specific credit enhancement.
    PARCO is a multiseller, partially enhanced asset-backed commercial paper conduit administered by The Chase Manhattan Bank (double-'A'-minus/Stable/'A-1'-plus).--CreditWire