S&P Puts Chrysler-Related Synthetic Ratings on WtchNeg

    NEW YORK--Standard & Poor's--Sept. 20, 2001-- Standard & Poor's today placed its ratings on various synthetic securities on CreditWatch with negative implications due to the recent rating action concerning Chrysler Corp. (see list).
    The CreditWatch placements of the synthetic securities reflect the negative CreditWatch placement of Chrysler Corp.'s corporate credit rating on Sept. 18, 2001. The CreditWatch action on Chrysler Corp. reflects the possibility that the ratings on the related entities of DaimlerChrysler AG may be lowered in the wake of the terrorist attacks on New York and Washington D.C. on September 11. The CreditWatch placements of the synthetic deals reflect the credit quality of the underlying securities issued by Chrysler Corp. The synthetic securities are swap-independent transactions that are weak-linked to the underlying collateral, Chrysler Corp. debt.

OUTSTANDING RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

CorTS Trust for Chrysler Debentures
$64.890 million corporate bond backed certs
      Rating
To              From
A-/Watch Neg    A-

CorTS Trust II For Chrysler Debentures $70.476 million corporate
bond backed certs

      Rating
To              From
A-/Watch Neg    A-

Corporate Backed Trust Certificates Series 2001-9 Trust $102.241
million corporate backed trust certs

      Rating
To              From
A-/Watch Neg    A-

TIERS Corporate Bond-Backed Certs Trust Series C 1998-6 $91.250
million corporate bond backed trust certs Class Rating

       To             From
I/O    A-/WatchNeg    A-
P/O    A-/WatchNeg    A-