S&P Affirms Redwood Rec Corp. `A-1+' CP Rtg

    NEW YORK--Standard & Poor's--Jan. 10, 2002-- Standard & Poor's affirmed its 'A-1'-plus rating on the commercial paper notes of Redwood Receivables Corp.
    The rating action follows Redwood's purchase of up to $75 million of trade receivables from a special-purpose subsidiary of an automotive, defense and aerospace parts manufacturer.
    The rating on Redwood's commercial paper program is based on liquidity support from the providers with short-term ratings commensurate with the 'A-1'-plus rating on Redwood and sufficient pool-specific credit enhancement.
    Redwood is a multiseller, partially enhanced asset-backed commercial paper conduit administrated by General Electric Capital Corp. ('AAA'/Stable/'A-1+').