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DCR Rates Provident Auto Lease ABS Pass-Through Trusts 1999-1

16 December 1999

DCR Rates Provident Auto Lease ABS Pass-Through Trusts 1999-1

    NEW YORK, Dec. 16 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned 'AAA' (Triple-A) ratings to the 6.555 percent, $68,200,000 Class
A-1 certificates, the 7.025 percent, $313,700,000 Class A-2 certificates, and
the 7.260 percent, $173,000,000 Class A-3 certificates and a 'A' (Single-A)
rating to the 7.730 percent, $26,000,000 Class B certificates issued by
Provident Auto Lease ABS Pass-Through Trusts 1999-1.  In addition, DCR has
assigned a rating of 'A-' (Single-A-Minus) to the equity in the transaction.
    The ratings are based on Provident Financial Group's (Provident)
historical performance, the strong legal structure of the transaction and
credit enhancement in the form of subordination, a reserve fund and
overcollateralization.
    Provident, headquartered in Cincinnati, Ohio, entered the auto leasing
business in January 1994 and has focused on originating indirect auto leases
in the Midwest.  The transaction is Provident's third auto lease-backed
securitization and the third rated by DCR.
    The managers for the transaction were Prudential Securities, Banc of
America Securities, L.L.C. and Salomon Smith Barney.
    DCR is a leading global rating agency with 34 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 FirstCall's BondCall Direct/Research Direct at
http://www.firstcall.com, as well as through other third-party providers.