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DCR Rates $175,000,000 Auto Receivables Owner Trust 1997-A

23 December 1997

DCR Rates $175,000,000 Auto Receivables Owner Trust 1997-A

    NEW YORK, Dec. 23 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned a 'AAA' (Triple-A) rating to the Class A-1 Asset-Backed Notes, a
'AAA' (Triple-A) rating to the Class A-2 Asset-Backed Notes, and a 'BB'
(Double-B) rating to the Class B Asset-Backed Certificates of Auto Receivables
Owner Trust 1997-A.
    The ratings are based on conservative underwriting conducted by the two
originating banks (Wachovia Bank, NA and Bank of America, NT & SA), strong
management teams, superior servicing provided by both servicing banks, and
credit enhancement in the form of an FSA Insurance Policy (for the Class A-1
and A-2 Notes), a spread account, and excess spread generated from the
underlying receivables.
    The underlying receivables were deposited in the trust by Financial Asset
Securities Corp. (FASCO), which simultaneously purchased them from Greenwich
Capital Financial Products, Inc. (GCFP).  GCFP operates an indirect automobile
loan origination program which was developed to provide commercial banks with
an off-balance sheet source of funding for non-prime credit quality auto
receivables, thereby allowing such banks to offer a broader array of loan
products to their dealer base.
    Wachovia Bank, NA is a subsidiary of Wachovia corporation, headquartered
in Winston-Salem, North Carolina.  With nearly $47 billion in assets, the bank
mainly serves North Carolina, South Carolina, and Georgia.  Wachovia has
originated and serviced automobile loans since 1945, and the bank joined the
GCFP program in 1996.
    Bank of America NT & SA (B of A) is a subsidiary of Bank America
Corporation, the second-largest bank holding company in the United States.  B
of A has originated and serviced automobile retail installment sales contracts
in California since the 1930s, and the bank joined the GCFP program in 1994.
This is the fourth Greenwich-related securitization containing B of A
originated auto loans, and the second transaction rated by DCR.  The placement
agent for the transaction was Greenwich Capital Markets, Inc.

SOURCE  Duff & Phelps Credit Rating Co.