S&P Asgns Rtgs to World Omni Auto Rec Tr 2001-A Nts

    NEW YORK--Standard & Poor's--Feb. 16, 2001--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