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S&P: ABCP Rtg Affirmation Compilation; Oct 2-6, 2000

10 October 2000

S&P: ABCP Rtg Affirmation Compilation; Oct 2-6, 2000

    NEW YORK--Standard & Poor's--Oct. 10, 2000-- Standard & Poor's affirmed the ratings of 13 asset-backed commercial paper (ABCP) multiseller conduits, for the period of Oct. 2-6, 2000 (see list).
    These rating actions were based on Standard & Poor's review of the transactions before they entered the conduits. Financing limits for these transactions totaled $1.87 billion. The commercial paper that the conduits issued was backed by auto loans, credit cards, insurance receivables, CLOs, synthetics, warehouse notes, trade receivables and leases.
    Year-to-date, including this week's additions, Standard & Poor's has affirmed ratings based on 118 transactions entering 33 conduits of 27 program administrators. Year-to-date, Standard & Poor's has affirmed ratings on transactions totaling approximately $28.86 billion in financing limits. Of this total, 30% were 'A-1'-plus rating affirmations, 69% were 'A-1' rating affirmations, and 1% were 'A-2' rating affirmations. The average transaction size was approximately $244.5 million.
    A copy of this report is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. --CreditWire

STANDARD & POOR'S ABCP RATING AFFIRMATION COMPILATION(a)

Multiseller conduit                      Limit
(Program administrator)                 (Mil.$)     Collateral    Rtg

Compass Securitization Program           200.0         Leases     A-1+
(Westdeutsche Landesbank Girozentrale)
Compass Securitization Program            88.4      Synthetics    A-1+
(Westdeutsche Landesbank Girozentrale)
Giro Multi Funding Corp.                52.125(3)   Trade recs    A-1+
(Bayerische Landesbank Girozentral)
Special Purpose Accounts Receivable      500.0      Auto loans    A-1
Cooperative Corp.
(Canadian Imperial Bank of Commerce)
Park Avenue Receivables Corp.            250.0          Leases    A-1
(The Chase Manhattan Bank)
Park Avenue Receivables Corp.            150.0  Insurance recs    A-1
(The Chase Manhattan Bank)
Blue Ridge Asset Funding Corp.           148.5    Credit cards    A-1
(Wachovia Bank)
Market Street Funding Corp.              117.0          Leases    A-1
(PNC Bank, NA)
Liberty Street Funding Corp.             100.0          Leases    A-1
(Bank of Nova Scotia)
Atlantic Asset Securitization Corp.       75.0          Leases    A-1
(Credit Lyonnais)
Market Street Funding Corp.               75.0   Warehouse nts    A-1
(PNC Bank)
Fairway Finance Corp.                     75.0  Insurance recs    A-1
(Bank of Montreal)
Special Purpose Accounts Receivable
Cooperative Corp.                         37.5            CLOs    A-1
(Canadian Imperial Bank of Commerce)

(a) For the period, Oct. 2-6, 2000. 
(3) Converted into U.S. dollars from Eur60 million (conversion taken 
from Bloomberg as of 10/9/00 where 1 Eur=0.8688 U.S. dollars).