S&P Asgn AmeriCredit Auto Recs Tr 2003-A-M Prelim Rtg

    NEW YORK--April 15, 2003--Standard & Poor's--Standard & Poor's Ratings Services today assigned its preliminary ratings to AmeriCredit Automobile Receivables Trust 2003-A-M's $1 billion automobile receivable-backed notes series 2003-A-M (see list).
    The preliminary ratings are based on information as of April 15, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings are based on the insurance policy provided by MBIA Insurance Corp. (MBIA; 'AAA' insurer financial strength rating). Under this policy, MBIA unconditionally and irrevocably guarantees payment of scheduled principal and interest. While MBIA is also insuring the class A-1 notes, Standard & Poor's rating on these notes is not based on the policy, but rather on internal credit support and conservative cash flow projections.
    A copy of Standard & Poor's complete presale report for this transaction can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale can also be found on the Standard & Poor's Web site at www.standardandpoors.com. Select Fixed Income. Then, under Browse by Sector, select Structured Finance and find the article under Presale Credit Reports.



PRELIMINARY RATINGS ASSIGNED
AmeriCredit Automobile Receivables Trust 2003-A-M

Class                  Rating       Amount (mil. $)
A-1                    A-1+                   188.0
A-2-A                  AAA                    186.0
A-2-B                  AAA                    186.0
A-3-A                  AAA                     73.5
A-3-B                  AAA                     73.5
A-4-A                  AAA                    146.5
A-4-B                  AAA                    146.5