S&P Assigns Prelim Rtgs to Fiat SAVA SpA's ABS Deal

    LONDON--Standard & Poor's--July 10, 2001-- Standard & Poor's today assigned its preliminary ratings to the EUR950 million asset-backed notes to be issued by Second Italian Auto Transaction SpA, a special-purpose entity (see list below).
    The collateral consists of a pool of auto loan receivables originated by Fiat SAVA SpA, the retail and commercial finance arm of Fiat SpA.
    The preliminary 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 A noteholders provided by a combination of 12.50% subordination of the class M notes; and
    -- The protection provided by various early amortization triggers.

    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. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said.---CreditWire

PRELIMINARY RATINGS ASSIGNED
Second Italian Auto Transaction SpA
EUR950 million asset-backed notes
Class      Rating       Amount (Mil. EUR)
A          AAA          831,250,000
M          N.R.         118,747,853
N.R.--not rated.