S&P Places World Omni Lease-Related Rtgs on WatchNeg

    NEW YORK--Standard & Poor's--Sept. 26, 2001--Standard & Poor's today placed its ratings on various classes of World Omni Auto Lease Securitization Trust 1998-A and World Omni Auto Lease Securitization Trust 2001-A on CreditWatch with negative implications (see list).
    The CreditWatch placement of the various classes of the two transactions correspond directly to the recent rating actions regarding the long-term and financial strength ratings of Chubb Indemnity Insurance Co., which were placed on CreditWatch negative on Sept. 20, 2001. Chubb Indemnity, either itself or through a subsidiary, provides insurance for certain losses relating to the difference between the booked residual value and proceeds of the vehicles that are returned and sold at lease termination as one of the forms of support for these two transactions. Standard & Poor's will complete a detailed review of the credit performance of the aforementioned transactions to determine if any further rating actions are necessary.

OUTSTANDING RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

World Omni Auto Lease Securitization Trust 1998-A
                Rating
Class     To             From
A-4       AAA/WatchNeg   AAA

World Omni Auto Lease Securitization Trust 2001-A
                Rating
Class     To             From
A-2       AAA/WatchNeg   AAA
A-3       AAA/WatchNeg   AAA
A-4       AAA/WatchNeg   AAA