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DCR to Rate Ryder Vehicle Lease Trust 1999-A Asset-Backed Notes

9 November 1999

DCR to Rate Ryder Vehicle Lease Trust 1999-A Asset-Backed Notes

    CHICAGO, Nov. 8 -- Duff & Phelps Credit Rating Co. (DCR)
expects to assign the following ratings to the asset-backed notes to be issued
by Ryder Vehicle Lease Trust 1999-A:

    Issue (Asset-Backed Senior Notes) Amount (Millions) Final Maturity
Expected Ratings
    6.165 percent Class A-1 $28.000 October 16, 2000 'D-1+' (D-One-Plus)
    6.430 percent Class A-2 $63.000 January 15, 2003 'AAA'  (Triple-A)
    6.680 percent Class A-3 $54.000 April 15, 2004   'AAA'  (Triple-A)
    6.890 percent Class A-4 $53.000 April 15, 2005   'AAA'  (Triple-A)
    7.130 percent Class A-5 $84.900 October 16, 2006 'AAA'  (Triple-A)

    The expected ratings address the timely payment of interest and the
ultimate payment of principal by the legal maturity date.  This transaction
will represent the second securitization of vehicle leases originated by Ryder
Truck Rental, Inc. (Ryder) and utilizes a titling trust structure.  Merrill
Lynch & Co. is the lead underwriter.
    Ryder Vehicle Lease Trust 1999-A will issue two classes of rated
securities (the senior notes and a certificate) and one class of unrated
subordinated notes.  The senior notes were offered to the public.  The
$10,750,000 certificate is expected to be rated 'A' (Single-A) by DCR and was
privately placed.  Principal and interest payments will be made on a quarterly
basis commencing January 17, 2000, and will be funded primarily from cash
flows attributable to (i) a component of the total monthly lease payments from
a pool of operating leases for trucks, tractors and trailers (vehicles)
originated by Ryder and (ii) the residual values of those vehicles.
    The expected ratings are based on Ryder's originating, underwriting,
servicing and vehicle disposition policies and procedures; Ryder's credit loss
history and residual realization performance and the underlying pool
characteristics, including equipment types, obligor industries and geographic
regions; and the legal and payment structure of the transaction.  Credit
enhancement is provided by subordination, a 3.25 percent nondeclining reserve
account and excess spread and was sized based on DCR's stress analysis of
Ryder's credit losses and residual realization performance.  Ryder is a wholly
owned subsidiary of Ryder System, Inc. , whose long-term debt is
rated 'A-'  (Single-A-Minus) by DCR.
    The underlying lease pool consists of 6,323 leases on trucks, tractors and
trailers in 21 vehicle categories.  Vehicle category concentrations of more
than 10 percent by balance include Tandem Axle Conventional Sleeper Tractor
(30.05 percent), Tandem Axle Tractor (18.83 percent) and Single Axle Tractor
(13.98 percent), and vehicle manufacturer concentrations of more than
10 percent by balance include Freightliner (47.22 percent) and International
(Navistar) (27.77 percent).  The vehicles are located in 26 states with
concentration of more than 10 percent in North Carolina (10.77  percent),
Pennsylvania (10.56 percent), California  (10.49 percent)  and Tennessee
(10.09 percent).  The weighted-average original term of the leases is
71.32 months, while the weighted-average remaining term to maturity of the
leases is 64.41 months.
    DCR's research can be accessed through its Web site at
http://www.dcrco.com.  DCR's research is also available on Bloomberg at
DCR and FirstCall's BondCall Direct/Research Direct at
http://www.firstcall.com, as well as through other third-party providers.
    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.