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DCR Assigns 'AA' Rating to German Car Loan No. 3 ABT No. 4 Limited

3 August 1999

DCR Assigns 'AA' Rating to German Car Loan No. 3 ABT No. 4 Limited

    LONDON, Aug. 2 -- Duff & Phelps Credit Rating Co. (DCR) has
assigned a rating of 'AA' (Double-A) to the DEM34 million Asset-Backed Tranche
of a DEM200 million Programme due December 2002.  The Notes will be issued by
ABT No. 4 Limited, a special purpose vehicle incorporated under the laws of
Ireland.  Proceeds of the Notes will be used to purchase the equitable
interest in a closed pool of receivables (predominantly, auto-loans,
motor-bikes, caravans/trailers and boats) originated by ABC Privatkunden-Bank
GmbH, Berlin. The transaction represents a repeat deal with regard to German
Car Loans No. 2 ('GCLN2') launched on July 30, 1998.
    Loans included in this transaction are generated via the bank's dealer
network and are for the purchase of new as well as used vehicles with most
receivables based on a fixed interest rate coupled with a strong amortisation
profile.  The loan portfolio represents a static pool with an expected
maturity of 39 months almost unchanged as compared to GCLN2 with a legal
maturity of 91 months (previously 93 months).
    The rating is based on DCR's assessment on the ability of the underlying
assets to generate sufficient cash flow to make payments of principal and
interest on a full and timely basis.  The level of credit enhancement regarded
as sufficient for this transaction will consist of an initially provided first
loss reserve, which will be further built up from excess spread deriving from
the loan pool.  DCR has stressed prepayments, together with defaults and
delinquencies as well as interest rate changes, to determine the overall
sensitivity of the transaction.  The payments on the Notes are supported by an
interest rate swap agreement between ABT 4 Ltd. and Bankgesellschaft Berlin
AG.  The latter also acts as liquidity provider to the transaction.
    ABC Bank is a small consumer bank, established in 1929.  Figures from
yearend 1998 indicate that it held approximately DEM645 million of assets on
balance sheet.  The bank engages in secured and unsecured consumer lending,
auto and other vehicle loans and executes limited mortgage and cheque account
business.  The bank has a niche market position in the caravan business and
benefits from a nation-wide branch network together with a well balanced
dealer community throughout Germany.
    DCR is a leading global rating agency with 33 local market offices
providing ratings and research on debt issues and insurance claims paying
ability in more than 50 countries.  For additional research, visit DCR's web
site at http://www.dcrco.com.   DCR's research is also available on Bloomberg
at DCR and First Call's BondCall Direct/Research at
http://www.firstcall.com, as well as through other third-party providers.