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S&P Afms Automobile Receivables Transaction No. 1 Nts

17 August 2000

S&P Afms Automobile Receivables Transaction No. 1 Nts

    LONDON--Standard & Poor's - Standard & Poor's today affirmed its triple-'A' rating on the class A notes and its single-'A' rating on the class B notes of Automobile Receivables Transaction (No. 1) PLC, following Great Universal Stores PLC's recent announcement that it is to close its vehicle finance subsidiary, General Guarantee Finance Ltd., and the subsequent early amortization of the loan notes of Automobile Receivables Transaction (No. 1).

    Following discussions between Standard & Poor's Structured Finance group and Great Universal Stores' senior management, the rating affirmations have resulted from a satisfactory explanation of Great Universal Stores' winddown strategy and the continued strong credit protection for the class A and B noteholders, Standard & Poor's said. ---CreditWire