Fitch Announces Combined Rtgs For US Auto Related Asset-Backed Secs

1 June 2000

Fitch Announces Combined Rtgs For US Auto Related Asset-Backed Secs

    NEW YORK--June 1, 2000--Fitch, the international rating agency formed through the merger of Fitch IBCA and Duff & Phelps Credit Rating Co. (DCR), today announced that all of the outstanding auto loan, auto lease, dealer floorplan and rental fleet ratings of Fitch IBCA and DCR are being combined into a single set of ratings to be maintained by Fitch.
    Consequently, auto related ratings will no longer be issued or maintained separately by either Fitch IBCA or DCR.
    As a result of the combination of the ratings of Fitch IBCA and DCR, Fitch announced the following changes to the outstanding public Auto Loan and Dealer Floorplan ratings of Fitch IBCA and DCR.
    (Ratings are designated as follows: Issuer; bond description; former Fitch IBCA (FI) rating; former Duff & Phelps (DCR) rating; and the new Fitch (Fitch) rating.)

    PRIME AUTO

    -- Capital Auto Receivables Asset Trust 1999-2 Certificates, `A'
    (FI), `A+' (DCR), `A+' (Fitch).

    -- Premier Auto Trust 1997-3 Class B,`A+'(FI),`AA-` (DCR), `A+'
    (Fitch).

    -- Premier Auto Trust 1998-1 Class B, `A+'(FI),`AA-` (DCR), `A+'
    (Fitch).

    -- Premier Auto Trust 1998-2 Class B `A+'(FI),`AA-` (DCR), `A+'
    (Fitch).

    -- Premier Auto Trust 1998-3 Class B,`A+'(FI),`AA-` (DCR), `A+'
    (Fitch).

    Dealer Floorplan

    -- GMAC SWIFT Trust 1999-1 (VI) Asset-Backed Certificates, `A+
    (FI), `AA-` (DCR), `A+' (Fitch).

    Fitch hereby affirms all other outstanding public auto related ratings of Fitch IBCA and Duff & Phelps, except those currently on RatingAlert by Fitch IBCA and Rating Watch by Duff & Phelps for which the Rating Watch status will continue until otherwise announced.
    Over the next several months, Fitch intends to affirm, or in certain limited cases change, all of the outstanding private placement auto related ratings of Fitch IBCA and Duff & Phelps. All such affirmations or changes will be communicated by Fitch directly to the issuer, investors or other appropriate parties consistent with the established practice for communicating private ratings.
    The outstanding public auto related ratings of Fitch will be publicly available on both the Web sites of Fitch (www.fitchibca.com) and DCR (www.dcrco.com) for the next several weeks. Information about the outstanding public ratings of Fitch also may be obtained by calling 800/753-4824.