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S&P Afrms Special Purpose Accts Rec Coop Corp CP Rtg

5 October 2000

S&P Afrms Special Purpose Accts Rec Coop Corp CP Rtg

    NEW YORK--Standard & Poor's--Oct. 5, 2000-- Standard & Poor's affirmed its 'A-1' rating on the commercial paper notes of Special Purpose Accounts Receivable Cooperative Corp. (SPARCC).
    The rating action follows SPARCC's purchase of $500 million note from a master trust backed by auto loan receivables insured by MBIA.
    The rating on SPARCC's commercial paper program is based on liquidity and credit support from providers with short-term ratings commensurate with SPARCC's 'A-1' rating, structural provisions that offset interest rate risk, and adequate legal structure.
    SPARCC is a partially enhanced, multiseller asset-backed commercial paper conduit sponsored by Canadian Imperial Bank of Commerce (AA-/negative/A-1+), Standard & Poor's said.--CreditWire