S&P Asgn Harley-Davidson Motorcycle Tr 2003-3 Nts Rtg

NEW YORK--Aug. 1, 20034, 2003--Standard & Poor's Ratings Services today assigned its ratings to Harley-Davidson Motorcycle Trust 2003-3's $475 million Harley-Davidson motorcycle contract notes series 2003-3 (see list).

The ratings on the senior notes are based on 5% subordination of the class B notes. All classes benefit from the spread account, equaling 1% of the initial pool balance (building to 2% of the outstanding balance with a floor of 1% of the initial outstanding balance); and excess spread. The class A-1 and A-2 notes will rank equally in priority of interest payments from available funds. This transaction uses a pro rata principal pay structure.

Harley-Davidson Credit Corp. (HDCC; formerly Eaglemark Inc.) is a wholly owned subsidiary of Harley-Davidson Financial Services (formerly Eaglemark Financial Services Inc.). HDCC acts as the seller and servicer in the transaction and has been providing both wholesale and retail financing to dealers and customers of Harley-Davidson motorcycles since 1993.

RATINGS ASSIGNED
Harley-Davidson Motorcycle Trust 2003-3

Class         Rating     Amount (mil. $)
A-1           AAA                 280.00
A-2           AAA                 171.25
B             A                    23.75