S&P Asgns Rtgs to Chevy Chase Auto Rec Trst 2000-2
22 September 2000
S&P Asgns Rtgs to Chevy Chase Auto Rec Trst 2000-2
NEW YORK--Sept. 22, 2000--Standard & Poor's today assigned its ratings to Chevy Chase Auto Receivables Trust 2000-2's notes (see list).The ratings reflect subordination of 4.5% for class A and 2.5% for class B; a nonamortizing, fully funded reserve account equal to 0.75% of initial receivables; initial overcollateralization of 1% and a turbo feature whereby excess spread will be used to retire notes so that overcollateralization builds to and then remains at 4% of the current outstanding balance of collateral minus the amount in the reserve fund; expected good performance of the prime auto loan receivables; and a sound legal structure, Standard & Poor's said. -- CreditWire
NEW RATINGS Issue Rating Chevy Chase Auto Receivables Trust 2000-2 Class A-1 A-1+ Classes A-2 through A-4 AAA Class B A Class C BBB+
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