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S&P Assigns Preliminary Rating to Volkswagen Credit Auto Master Owner Trust

3 August 2000

S&P Assigns Preliminary Rating to Volkswagen Credit Auto Master Owner Trust

    NEW YORK - Standard & Poor's today assigned its preliminary triple-'A' 
rating to Volkswagen Credit Auto Master Owner Trust's $500 million floating-rate 
dealer loan-backed notes series 2000-1.

    The preliminary rating is based on information as of Aug. 2, 2000.
Subsequent information may result in the assignment of a final rating that
differs from the preliminary rating.

    The rating reflects sufficient credit enhancement for the rating category,
VW Credit Inc.'s (VW Credit) strong servicing and underwriting capabilities,
structural elements that limit investors' exposure to losses, and a sound
legal structure.

    A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system.