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S&P Affirms Park Avenue Receivables Corp.s CP Rtg

27 September 2000

S&P Affirms Park Avenue Receivables Corp.s CP Rtg

    NEW YORK--Standard & Poor's--September 27, 2000--Standard & Poor's affirmed its 'A-1' rating on the commercial paper notes of Park Avenue Receivables Corp. (PARCO).
    The rating action follows PARCO's purchase of a $400 million pool of retail automotive loans from a finance company.
    The rating on PARCO's commercial paper program is based on liquidity support from liquidity providers with short-term ratings commensurate with PARCO's 'A-1' rating and sufficient pool-specific credit enhancement.
    PARCO is a multiseller, partially enhanced asset-backed commercial paper conduit sponsored by Chase Manhattan Bank, Standard & Poor's said. --CreditWire

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