S&P Asgn Cap One Multi-Asst Exctn C --2003-2-- Prlim Rtg

    NEW YORK--June 3, 2003--Standard & Poor's Ratings Services today assigned its preliminary 'BBB' rating to Capital One Multi-Asset Execution Trust's $225 million class C(2003-2) notes.
    This presale report is based on information as of June 3, 2003. The rating shown is preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating.
    The preliminary rating reflects the experience of Capital One Bank ('BBB-') as originator, administrator, and servicer; the strong and stable portfolio performance of Capital One Master Trust; the satisfaction of current issuance tests; and the sound structural and legal provisions.
    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.
    Copyright 2003, Standard & Poor's Ratings Services