S&P CORR: Prelim Rtgs Asgnd to Line AAA 2001's Notes

    LONDON--Standard & Poor's--April 5, 2001--

    Editor's Note: In the version of this press release published
    earlier today, the subordination of the class B
    notes was incorrectly stated as 4.5%.

    Standard & Poor's today assigned its preliminary ratings to the Eur300 million asset-backed floating-rate notes due 2010 to be issued by Line AAA 2001 S.r.l., a special-purpose entity (see list below).
    The collateral comprises consumer loan contracts for the purchase of cars and furniture. The contracts were originated by Linea SpA.
    The ratings reflect an analysis of the servicer's ability to fulfill its role in this transaction, the sound legal and payment structures of the transaction, and the sound cash flow mechanics of the transaction. Other key rating considerations include the strong protection for class A1 and A2 noteholders provided by a combination of the 5.5% subordination of the class B notes, the 0.5% subordination of the class C notes, the 2% reserve account, and the excess spread; the strong protection for class B noteholders provided by a combination of the 0.5% subordination of the class C notes, the 2% reserve account, and excess spread; and the protection provided by various early amortization triggers and the reserve fund step-up mechanism.
    A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said.--CreditWire

PRELIMINARY RATINGS ASSIGNED
Line AAA 2001 S.r.l.
Eur300 Million Asset-Backed Floating-Rate Notes
Class       Rating(a)    Amount(a) (Mil. Eur)
A1          AAA           84.0
A2          AAA          198.0
B           A             16.5
C           N.R.           1.5

(a) Ratings and amounts are preliminary and subject to change.
N.R.--not rated.
N/A--not applicable.