S&P Lwrs Ratings on 4 Chrysler-Rel Synth Deals;OfWtch

    NEW YORK--Standard & Poor's--Nov. 5, 2001--Standard & Poor's today lowered its ratings on four Chrysler-related synthetic securities and removed them from CreditWatch with negative implications following the recent rating action concerning Chrysler Corp. (see list).
    The lowered ratings reflect the lowered long-term ratings of DaimlerChrysler AG and its related entities on Oct. 31 2001. At that time, those ratings were also removed from CreditWatch negative.
    The ratings of the affected synthetic deals listed below are swap-independent synthetic transactions that are weak-linked to the underlying collateral, Chrysler Corp. debt. The revised ratings reflect the credit quality of the underlying securities issued by Chrysler Corp.

OUTSTANDING RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

CorTS Trust For Chrysler Debentures 
$64.89 Million corporate bond-backed certs
                         Rating
                    To            From
CorTS Trust         BBB+          A-/Watch Neg

CorTS Trust II For Chrysler Debentures
$70.476 million corporate bond-backed certs
                        Rating
                    To            From
CorTS Trust II      BBB+          A-/Watch Neg

Corporate Backed Trust Certificates Series 
2001-9 Trust $102.241 million corporate-backed trust certs
                Rating
Series     To            From
2001-9     BBB+          A-/Watch Neg

TIERS Corporate Bond-Backed Certs Trust C 
1998-6 $91.25 million corporate bond-backed certs
                                Rating
Series       Class   To            From
1998-6       IO      BBB+          A-/Watch Neg
1998-6       PO      BBB+          A-/Watch Neg