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S&P Assigns Prelim Ratings to ANRC Auto Owner Trust

21 October 1999

S&P Assigns Prelim Ratings to ANRC Auto Owner Trust

    NEW YORK--Standard & Poor's CreditWire--Oct. 21, 1999--Standard & Poor's today assigned preliminary ratings to ANRC Auto Owner Trust 1999-A's US$786.6 million asset-backed notes (see list).
    The preliminary rating is based on information as of Oct. 21, 1999. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating.
    The preliminary ratings reflect 1% nondeclining overcollateralization, a growing reserve account, and a full guarantee of timely interest and ultimate principal payment of the notes from MBIA Insurance Corp. (MBIA; triple-'A' insurer financial strength rating).
    Fixed interest rates are paid on the notes on the 15th of each month, beginning on Nov. 15, 1999. Tranche A-1 is a money-market eligible note with a final maturity of Oct. 16, 2000. The remaining classes will be paid sequentially after the money market tranche is fully redeemed, and have the following final maturity schedule:

-- A-2:  Nov.15, 2002,
-- A-3:  Dec. 15, 2003, and
-- A-4:  April 17, 2006.

    The initial overcollateralization amount is approximately $7,946,211, or 1% of the initial receivable balance at closing, and it will grow as a percentage of the outstanding receivable balance as the collateral amortizes. The growing overcollateralization reduces back-end risk, which could occur due to possible adverse selection, outstanding longer term contracts, and the amortizing reserve account. The overcollateralization will reach 5.25% of the outstanding receivable balance as the class A-4 notes start receiving principal allocation.
    AutoNation Financial Service Corp. (ANFS) is a wholly owned subsidiary of AutoNation Inc., which was known as Republic Industries Inc. before April 1999. AutoNation Inc. entered its automotive businesses in 1996 through its auto retail and auto rental groups. Its financing arm, ANFS, started its auto finance business in 1997 including retail installment loans, lease financing, and insurance products. Recently, the company initiated a series of restructuring actions to improve its core business performance, including spinning off the car rental business, disposing of noncore business, and refocusing on new vehicle sales. At the end of August 1999, ANFS serviced a loan portfolio of US$1.66 billion.
    The presale report is available on Standard & Poor's Web site at www.standardandpoors.com/ratings. Select Presale Reports, Structured Finance, ABS. -- CreditWire

PRELIMINARY RATINGS ASSIGNED

Issue                                        Prelim Rating
Class A-1 notes                              A-1+
Class A-2 notes                              AAA
Class A-3 notes                              AAA
Class A-4 notes                              AAA