S&;P Changes Team Fleet Financing Notes Rtgs to Public

    NEW YORK--Standard & Poor's--Nov. 15, 2001--At the request of Budget Group Inc., Standard & Poor's has changed the status of the ratings on the notes issued under the Team Fleet Financing Corp. securitization program to public from confidential (see list).
    On Oct. 16, 2001, Standard & Poor's lowered its ratings on certain classes of Team Fleet Financing's rental car asset-backed notes issued under a securitization program established by Budget Group to finance its rental car fleet: class A of series 1996-1 and 1997-1; class B of series 1998-3 and 1998-4; and class C of series 1999-3, 1999-4 and 2001-2. The ratings were removed from CreditWatch, where they were placed on Sept. 18, 2001 (see list).
    These ratings actions primarily reflect the downgrade of Ford Motor Co. on Oct. 15. Ford Motor provides manufacturer repurchase agreements for the benefit of the securitization investors, in which it agrees to repurchase program vehicles at preset prices.
    As a result, the residual value risk of eligible program vehicles are mitigated and reflected in the credit enhancement levels for the securitization. Only those tranches that were rated at the same level as Ford Motor have been affected.
    As of September 2001, program vehicles represent approximately 72% of Budget's fleet and Ford vehicles represent approximately 74% of program vehicles.
    The current ratings for Team Fleet Financing are as follows:

Series        Class          Rating

1996-1          A             BBB+
1996-1          B             BBB
1997-1          A             BBB+
1997-1          B             BBB
1998-3          A             AA
1998-3          B             BBB+
1998-3          C             BBB
1998-4          A             AA
1998-4          B             BBB+
1998-4          C             BBB
1999-3          A             AAA
1999-3          B             AA
1999-3          C             BBB+
1999-3          D             BBB