S&P Assigns Prelim Rtgs to Canadian Tire Rec Trust

    TORONTO--Standard & Poor's--July 18, 2001--Standard & Poor's today assigned its preliminary ratings to Canadian Tire Receivables Trust's C$315 million fixed-rate asset-backed notes series 2001-1.
    The preliminary ratings are based on information as of July 18, 2001. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect sufficient credit enhancement protection for the notes at their respective levels. Credit enhancement to the senior noteholders is provided by a 5% subordinated note class and 6.5% of receivables within the seller's retained interest, which may be allocated to the series 2001-1 ownership interest to maintain the invested amount of the ownership interest. The preliminary ratings also reflect an assessment of the credit risk associated with a blended pool of a national credit card and retail credit card receivables. This assessment incorporates an examination of historical portfolio performance, an analysis of the relative proportion of MasterCard to Canadian Tire Corp. Ltd. (Canadian Tire) credit card accounts, and Canadian Tire's seasoned experience as a servicer (through Canadian Tire Acceptance Ltd. (CTAL)) and an originator of accounts. In addition, the preliminary ratings are based on the effectiveness of the payment structure and the sound legal structure.
    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

Class            Rating   Amount (C$000s)
Senior           AAA      300,000
Subordinated     A        15,000