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S&P Assigns Various Ratings to Barnett Auto Trust 1997-A

25 September 1997

S&P Assigns Various Ratings to Barnett Auto Trust 1997-A

    NEW YORK, Sept. 25 -- Standard & Poor's today assigned
ratings to Barnett Auto Trust 1997-A's asset-backed notes classes A-1 through
A-5 and B (see ratings list below).
    The ratings are based primarily on:
    -- A 6% subordination for classes A-1 through A-5 provided by the
       class B notes;
    -- A 5% reserve account supporting the notes;
    -- Approximately 5.0% annual excess spread; and
    -- A sound legal structure.

    The reserve fund builds from 2% of the initial principal balance of the
notes at closing to 5% of the aggregate outstanding principal balance of the
notes.  At this point, hard credit support equals 11% for classes A-1 through
A-5.  After reaching the cap, the reserve account may then amortize subject to
a floor of $12.042 million (2% of the aggregate initial principal balance of
the notes).
    The above credit enhancement levels, coupled with available excess spread,
provide a sufficient multiple of cumulative expected losses (2.5%-3.0%) for
the designated ratings.
    The class A-1 notes have a legal final maturity of 13 months and benefit
from principal collections and excess spread until retired.  Standard & Poor's
utilized conservative cash flow assumptions to test cash flow coverage of
timely interest and repayment of principal by the final maturity.  These
assumptions included a slow absolute prepayment speed (ABS) of .25%, zero
losses, and 40% rolling delinquencies.
    The 1997-A receivables pool is comprised of automobile installment sales
contracts to prime borrowers.  Approximately 67% of the pool are Oxford
originated receivables and 33% of the pool are Barnett originated receivables.
The weighted average seasoning on this pool is 3.96 months.  Approximately
31.5% of the aggregate principal balance of the receivables represents the
financing of new vehicles; 68.5% represents the financing of used vehicles.
Of the aggregate principal balance of the receivables approximately 11.85%
represents financing of Balloon loans.  The top three state concentrations are
Florida with 42.7%, South Carolina with 9%, and Georgia with 8.81%.  The
average contract balance is $14,185.65 and the weighted average annual
percentage rate is 12.03%.
    The servicer and sponsor of the receivables is Barnett Dealer Financial
Services Inc. (BDFS), a wholly owned subsidiary of Barnett Bank N.A.  This is
Barnett's first auto securitization.  The originators, certain wholly owned
direct and indirect subsidiaries of Barnett Bank N.A. purchase retail
installment sales contracts originated indirectly by motor vehicle dealers.
On the closing date, the originators will contribute the receivables to the
depositor and the depositor will sell the receivables to the Trust.  As of
June 30, 1997, Barnett Bank N.A. and its subsidiaries had $6.220 billion in
new and used auto receivables, a 17.5% increase from June 30, 1996.  As of
June 30, 1997, delinquencies including repossessed inventory were 1.55%
compared with 1.33% at June 30, 1996, 1.82% at Dec. 31, 1996, and 1.46% at
Dec. 31, 1995.  Net losses for the period ending June 30, 1997 were .99% as
compared to .85% at June 30, 1996, .94% at Dec. 31, 1996, and .89%
at Dec. 31, 1995.
    On April 1, 1997 Barnett acquired Oxford Resources Inc. (Oxford).  Prior
to the acquisition, Oxford was the largest independent automobile leasing
company.  The acquisition allows the bank to reach a growing number of car
buyers who would rather lease than borrow.  Over the next year, Barnett
intends to integrate its affiliates' servicing of automobile receivables.  On
Aug. 29, 1997, Barnett Banks Inc. announced an agreement to merge with
NationsBank Corp.  The merger is expected to occur in the first quarter of
1998.  Following the merger, the servicing of the motor vehicle loans
originated by subsidiaries of Barnett Banks Inc. and NationsBank Corp. may be
consolidated, Standard & Poor's said. -- CreditWire

                               RATINGS ASSIGNED
    Barnett Auto Trust 1997-A                              Rating
      $109.3 bil class A-1 5.6544% asset-backed notes      A-1+
      $155.0 bil class A-2 5.92% asset-backed notes        AAA
      $170.0 bil class A-3 6.03%% asset-backed notes       AAA
      $ 90.0 bil class A-4 6.18% asset-backed notes        AAA
      $ 41.7 bil class A-5 6.26% asset-backed notes        AAA
      $ 36.1 bil class B 6.38% asset-backed notes          A

SOURCE  Standard & Poor's CreditWire