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Fitch Upgrades 1998 Chase Auto Owner Trust Deals

27 November 2000

Fitch Upgrades 1998 Chase Auto Owner Trust Deals

    NEW YORK--Nov. 27, 2000--Fitch upgrades the Chase Manhattan Auto Owner Trust 1998-A, 1998-B and 1998-C class B asset-backed certificates to `AA' from `A+'. The rating upgrades are a result of increased available credit enhancement for each transaction in excess of expected and stressed remaining losses. The collateral continues to perform within Fitch's expectations, and under each credit enhancement structure, the bonds can now sustain losses consistent with `AA' stress scenarios and still make full and timely payments of principal and interest. As before, the ratings reflect the quality of Chase's retail auto loan originations, the sound financial and legal structure of the transactions and servicing provided by Chase USA.