S&P Asgns Rtgs to World Omni Auto Rec Tr 2002-A Notes

    NEW YORK--Standard & Poor's--July 11, 2002--Standard & Poor's today assigned its ratings to World Omni Auto Receivables Trust 2002-A's $850 million asset-backed notes (see list).
    The ratings reflect credit enhancement in the form of a 0.75% fully funded reserve account, 1.50% overcollateralization, a yield supplement account in the form of cash of approximately 1.00%, approximately 4%-5% in cumulative excess spread, and for the class A notes the subordination of the class B notes equal to 5.5%.
    The class A-1 money market notes will receive all principal collections on the loans until paid in full. Principal distributions will then be allocated between the remaining class A notes and the class B notes, pro rata, based on the original note balances. The class A notes will be paid senior to the class B notes in the priority of payments. Excess spread will first be used to cover current period losses and then to pay down the certificate. Overcollateralization is structured to grow, due to principal lockout, to 3.25% of the remaining pool balance from 1.5% of the original pool balance and then amortize with the pool balance until it reaches a floor level of 1.00% of the original pool balance. In addition to the above-mentioned credit enhancement, the ratings are based on the extensive amount of data received from World Omni Financial Corp. (World Omni), the solid credit quality of the underlying pool of automobile loans, and a sound legal structure.
    World Omni Auto Receivables Trust 2002-A marks World Omni's first public term auto loan asset-backed securitization this year. World Omni is a wholly owned subsidiary of JM Family Enterprises Inc. World Omni predominately finances Toyota vehicles that are originated from Toyota dealerships located in the Southeast U.S. World Omni's affiliate, Southeast Toyota Distributors, is the exclusive distributor of Toyota cars and light-duty trucks in Alabama, Florida, Georgia, North Carolina, and South Carolina. World Omni initiated its operations in 1982, and as of March 31, 2002, had 177,816 retail installment sales contracts outstanding with a corresponding principal balance of approximately $2.19 billion.
    Delinquencies on World Omni's portfolio of contracts have remained stable over the past three years averaging approximately 1.60% year over year; however, as of March 31, 2002, total delinquencies (over 30 days) as a percentage of the number of contracts outstanding were lower at 0.95%, versus 1.51% and 1.74% for the years ended 2001 and 2000, respectively. Annualized net losses as a percentage of average principal outstanding for the three months ended March 31, 2002, were 0.90%, versus 0.97% and 0.73% for the years ended 2001 and 2000, respectively.

RATINGS ASSIGNED

World Omni Auto Receivables Trust 2002-A
Class    Rating    Amount ($000)    Coupon (%)
A-1      A-1+            198,000          1.87
A-2      AAA             197,500          2.53
A-3      AAA             232,000          3.40
A-4      AAA             163,000          4.05
B        A                46,750          3.75