S&P Asgn Capital One Auto Finance Tr 2003-A Prlim Rtg

    NEW YORK--June 2, 2003--Standard & Poor's--Standard & Poor's Ratings Services today assigned its preliminary ratings to Capital One Auto Finance Trust 2003-A's $1.125 billion asset-backed notes (see list).
    This presale report is based on information as of June 2, 2003. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary rating assigned to class A-1 is based on sufficient credit enhancement and a conservative prepayment and liquidity stress consistent with an 'A-1+' rating. The preliminary ratings on classes A-2, A-3-A, A-3-B, A-4-A, and A-4-B are based on an irrevocable and unconditional bond insurance policy provided by Ambac Assurance Corp. (Ambac; 'AAA' insurer financial strength rating) that guarantees timely payment of interest and ultimate payment of principal at the respective final maturity dates for each class of notes. While Ambac is also insuring the class A-1 notes, Standard & Poor's short-term rating on these notes is not based on the policy, but rather on internal credit support and conservative cash flow assumptions.
    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
Capital One Auto Finance Trust 2003-A

Class       Rating       Amount (mil. $)
A-1         A-1+                   234.0
A-2         AAA                    282.0
A-3-A       AAA                    190.0
A-3-B       AAA                    150.0
A-4-A       AAA                    150.0
A-4-B       AAA                    119.0