S&P Assigns Ratings to World Omni Auto Receivables Trust 2001-A Notes

    NEW YORK, Feb. 16 Standard & Poor's assigned its ratings
to $709,776,000 of World Omni Auto Receivables Trust 2001-A's asset-backed
notes (see list).
    The ratings reflect credit enhancement in the form of a 0.75% fully funded
reserve account, 1.50% overcollateralization, 6.00% subordination in the form
of class B notes, and approximately 5%-6% in cumulative excess spread. The
class A-1 money market notes will receive all principal collections on the
loans until paid in full. Principal distributions will then be allocated
between the remaining class A notes and the class B notes pro rata based on
the original note balances. The class A notes will be paid senior to the class
B notes in the priority of payments. Excess spread will first be used to cover
current period losses and then will be used to pay down the notes creating
additional overcollateralization. Overcollateralization is structured to grow
from 1.5% of the original pool balance to 3.25% of the remaining pool balance
and amortize with the pool balance until it reaches a floor level of 1.0% of
the original pool balance. In addition to the above mentioned credit
enhancement, Standard & Poor's feels that the assigned ratings are based on
the extensive amount of data received from World Omni Financial Corp. (World
Omni), the solid credit quality of the underlying pool of automobile loans,
and a sound legal structure.
    World Omni Auto Receivables Trust 2001-A marks World Omni's second public
term auto loan asset-backed securitization in less than one year. World Omni
is a wholly owned subsidiary of JM Family Enterprises Inc. World Omni
predominately finances Toyota vehicles that are originated from Toyota
dealerships located in the southeast U.S. World Omni's affiliate, Southeast
Toyota Distributors, is the exclusive distributor of Toyota cars and light
duty trucks in Alabama, Florida, Georgia, North Carolina, and South Carolina.
World Omni initiated its operations in 1982, and as of Sept. 30, 2000, had
132,214 retail installment sales contracts outstanding with a corresponding
principal balance of approximately $1.58 billion.
    Delinquencies on World Omni's portfolio of contracts have steadily
decreased over the past several years. As of Sept. 30, 2001, total
delinquencies (over 30 days) as a percentage of the number of contracts
outstanding were 1.62% versus 1.54% and 2.00% for the years ending 1999 and
1998, respectively. Annualized net losses as a percentage of average principal
outstanding for the nine months ended Sept. 30, 2001, were 0.65% versus 0.53%
and 0.82% for the years ending 1999 and 1998, respectively, Standard & Poor's
said. -- CreditWire

     RATINGS ASSIGNED
     World Omni Auto Receivables Trust 2001-A
     Issue                                              Rating
     $165,000,000 5.33% class A-1 notes                 A-1+
     $173,000,000 5.13% class A-2 notes                 AAA
     $185,000,000 5.30% class A-3 notes                 AAA
     $143,541,000 5.51% class A-4 notes                 AAA
     $43,235,000 5.78% class B notes                    A