S&P: Park Avenue Receivables Corp. 'A-1' Commercial Paper Rating Affirmed

    NEW YORK, May 9 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