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DCR Reaffirms EagleFunding Capital Corp.'s 'D-1' Commercial Paper Rating

19 August 1999

DCR Reaffirms EagleFunding Capital Corp.'s 'D-1' Commercial Paper Rating

    NEW YORK, Aug. 18 -- Duff & Phelps Credit Rating Co. (DCR)
has reaffirmed its 'D-1' (D-One) rating on the asset-backed commercial paper
notes issued by EagleFunding Capital Corp. (EagleFunding).
    EagleFunding is a bankruptcy-remote, special-purpose corporation,
organized under Delaware law.
    DCR's reaffirmation is in response to EagleFunding's $30 million purchase
of loans to a vehicle rental company.
    Program-wide credit protection for the commercial paper notes is provided
through overcollateralization and a letter of credit provided by BankBoston,
N.A. (formerly The First National Bank of Boston).  Liquidity support for the
commercial paper notes is provided through a liquidity agreement with highly
rated financial institutions.
     The liquidity support will be unavailable in the event of bankruptcy of
EagleFunding.  The transaction has been structured to minimize the probability
of bankruptcy of EagleFunding and DCR is of the opinion that this probability
is consistent with its 'D-1' rating on the commercial paper notes.
    Duff & Phelps Credit Rating Co. (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 on EagleFunding, visit DCR's web site at http://www.dcrco.com (Quick
Search: EagleFunding).  DCR's research is also available on Bloomberg at
DCR and First Call's BondCall Direct/Research Direct at
http://www.firstcall.com, as well as through other third-party providers