S&P Asgns Harmonized Rtgs to Canadian Tire Receiv Tr

    NEW YORK--Standard & Poor's--May 1, 2001-- Standard & Poor's today assigned its triple-'A'-rating on Canadian Tire Receivables Trust's (CTRT) various series of outstanding senior asset-backed notes and its double-'A'-rating on CTRT's various series of outstanding subordinated asset-backed notes (see list). The rating on CTRT's series 1997-1 commercial paper program has not yet been harmonized.
    The ratings reflect sufficient credit enhancement for the notes at their respective levels. The ratings also reflect the credit risk of the collateral loan pool based on the pool's historical performance; parent company Canadian Tire Corp. Ltd.'s experience as an originator and servicer of their credit card program; and the presence and profile of Canadian Tire Corp. within the Canadian retail environment. In addition, the ratings are based on the effectiveness of the payment structure and the sound legal structure.
    The credit enhancement levels were determined by separate analysis of Canadian Tire Corp.'s retail card sub-portfolio and MasterCard sub-portfolio; lower enhancement levels are typically ascribed to a universally applicable card product, such as MasterCard, due in part to the relatively stronger ability of that product to continue to be used after a seller insolvency or certain amortization events. The credit enhancement levels are based upon a portion of the portfolio continuing to consist of the MasterCard product.

    On Oct. 31, 2000, Standard & Poor's and the Canadian Bond Rating Service (CBRS) announced that they have combined operations in Canada. A process is underway to harmonize all ratings assigned by CBRS with the Standard & Poor's framework, which includes the translation of all ratings onto the Standard & Poor's ratings scale. The ratings assigned today are expressed on Standard & Poor's global ratings scale. Rating harmonization announcements do not constitute upgrades or downgrades on ratings assigned by CBRS, nor do they signify any changes in an issue's underlying credit quality, unless explicitly indicated. Ratings on specific term debt issues previously assigned by CBRS to CTRT are formally withdrawn, Standard & Poor's said.---CreditWire

Harmonized Ratings Assigned
Canadian Tire Receivables Trust
Class                                Rating      Amount (Mil. C$)
Series 2000-1 senior notes           AAA                    200.0
Series 2000-1 subordinated notes     AA                       4.0
Series 1999-1 senior notes           AAA                    200.0
Series 1999-1 subordinated notes     AA                       4.0
Series 1995-2 senior notes           AAA                     99.0
Series 1995-2 subordinated notes     AA                       1.0