S&P Lowers ACE Funding Series 2001-1 Rating to 'BBB'

    MELBOURNE, Australia--Standard & Poor's--Oct. 31, 2002--Standard & Poor's Ratings Services said today that it has lowered its rating on the A$100 million asset-backed notes issued by ACE Funding Ltd. - Series 2001-1 to (triple-'B'/Negative/--) from (triple-'B'-plus/Watch Neg/--). This rating action follows the recent downgrade of Ford Motor Credit Co. (Ford) to (triple-'B'/Negative/'A-2') from (triple-'B'-plus/Watch Neg/'A-2'), and reflects the rating dependency of the notes on Ford.
    The rating action on Ford was primarily a result of concerns regarding the adequacy of restructuring measures being implemented by Ford to restore the competitiveness of its core automotive operations.
    For a copy of Standard & Poor's full summary of the rating action taken, please see "Ford Motor Co. Long-term Ratings Lowered; Off Watch on Revitalization Plan Concerns". This article is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The article is also available on Standard & Poor's Web site at www.standardandpoors.com.
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    Copyright 2002, Standard & Poor's Ratings Services