S&P Rates World Omni 2001-A Auto Lease Sec Tr Notes

    NEW YORK--Standard & Poor's--June 22, 2001--Standard & Poor's today assigned its ratings to the class A and B asset-backed notes issued by World Omni 2001-A Automobile Lease Securitization Trust (see list).
    The rating assigned to the class A-1 notes is based on the result of cash flow runs, which demonstrate that under a zero prepayment scenario the money market class will retire by its legal final maturity date.
    The ratings assigned to the class A-2 through A-4 notes are based on the 7.50% subordination of the class B notes and issuer trust certificates, a 0.75% initial deposit to the reserve account, and a residual value insurance policy provided by Chubb Indemnity Insurance Co. (triple-'A' financial strength rating) that covers any losses on the $545,511,911.79 aggregate residual value.
    The rating assigned to the class B notes is based on the 2.25% subordination of the issuer trust certificates, the 0.75% initial deposit to the reserve account and the residual value insurance policy. Additional protection is provided by excess spread available monthly.
    The ratings on the securities are also based on various cash flow runs demonstrating that the rated securities can withstand a multiple of expected credit losses commensurate with the ratings assigned; and a sound legal structure that protects bondholders from bankruptcy of the originator, World Omni Financial Corp., Standard & Poor's said. -- CreditWire


RATING ASSIGNED

Issue                                                        Rating
World Omni 2001-A Automobile Lease Securitization Trust
$903,549,000 asset-backed notes
   Class A-1                                                 A-1+
   Class A-2, A-3, A-4                                       AAA
$51,282,000 asset-backed notes
   Class B                                                   A