S&P Asgns Prelim Rtgs in Peugeot's French/Spanish ABS

    PARIS--Standard & Poor's--June 20, 2002--Standard & Poor's said today that it assigned its preliminary ratings to the EUR1.5 billion floating-rate units to be issued by Auto ABS Compartiment 2002-1 (see list below).
    The collateral backing the units consists of auto loan receivables generated in France by the Credipar group and notes indirectly backed by auto loan receivables generated in Spain by Banque PSA Finance. The Credipar group and Banque PSA Finance are subsidiaries of Peugeot S.A.
    Auto ABS Compartiment 2002-1 is the second securitization of auto loans under the Auto ABS Compartiment program set up by the Peugeot group. Auto ABS Compartiment 2001-1 was the first securitization and it closed on June 28, 2001.
    Nicolas Malaterre, associate director in Standard & Poor's Structured Finance Ratings group in Paris, noted that in contrast to the first transaction, in which the pool of auto loans were originated solely throughout France, the units issued in this transaction will be backed by a pool of both French and Spanish assets.
    "This is the Peugeot group's first securitization on a multicountry basis that has been rated by Standard & Poor's," Mr. Malaterre said. "The structure works on the basis of a combined credit enhancement and combined cash flows backing the units issued."
    The preliminary ratings reflect:

--	The strong protection for the class A unitholders provided by the subordinated class B units (4% of units issued), the EUR30 million initial cash deposit (2% of total issuance), and excess spread;
--	The strong protection for the class B unitholders provided by the initial cash deposit and excess spread;
--	The suitability of the servicers in performing their role in this transaction;
--	The sound legal structure of the transaction; and
--	The sound payment structure and cash flow mechanics of the transaction.

    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. Under Presale Reports, select Structured Finance, then Asset-Backed Securities.

PRELIMINARY RATINGS ASSIGNED
Auto ABS Compartiment 2002-1
EUR1.5 Billion Floating-Rate Units
Class        Rating       Amount (EUR)
A            AAA          1,440,000,000
B            A               60,000,000
R            N.R.                15,000
N.R.--Not rated.

    ANALYTICAL E-MAIL ADDRESSES
    nicolas_malaterre@standardandpoors.com
    StructuredFinanceEurope@standardandpoors.com

    Copyright 2002, Standard & Poor's Ratings Services