S&P Asgns BMW Vehicle Owner Tr 2002-A Nts Prelim Rtgs

    NEW YORK--Standard & Poor's--May 21, 2002--Standard & Poor's today assigned its preliminary ratings to BMW Vehicle Owner Trust 2002-A's $1.395 billion asset-backed notes (see list).
    The preliminary ratings are based on information as of May 21, 2002. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect subordination of 2.00% for the class A notes; a reserve account with an initial deposit of 1.00% of the receivables balance, building to a cap of 2.00% of the outstanding receivables, and a floor equal to 0.75% of the initial receivables balance; and excess spread. The reserve account initial deposit and target was reduced from the previous securitization (2001-A), which had an initial deposit and target of 1.50% and 2.50%, respectively. The reduction was based on favorable performance trends in BMW Financial Services N.A. LLC's loan portfolio.
    Based on BMW Financial Services' underwriting guidelines, the good performance of all previously originated loans, and BMW Financial Services' obligor characteristics, the expected loss levels of the pool properly reflect the credit risk for loans to be included in this securitization. The required credit enhancement provides sufficient protection under Standard & Poor's triple-'A' and single-'A' stress scenarios.
    A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities.


PRELIMINARY RATINGS ASSIGNED

BMW Vehicle Owner Trust 2002-A
Class                Rating                Amount ($000s)
A-1                  A-1+                         311,000
A-2                  AAA                          358,426
A-3                  AAA                          446,779
A-4                  AAA                          251,253
B                    A                             27,907