Rtgs Asgned to Chase Manhattan Auto Owner Tru 2000-A

15 December 2000

Rtgs Asgned to Chase Manhattan Auto Owner Tru 2000-A

    NEW YORK--Standard & Poor's--Dec. 15, 2000-- Standard & Poor's today assigned its ratings to Chase Manhattan Auto Owner Trust 2000-A's $1.28 billion asset-backed notes and certificates.
    The ratings are based on the solid credit quality of the underlying pool of automobile loans, the consistent level of account loss and delinquency data, and a sound legal structure. Credit enhancement for the notes and certificates consists of a 1.00% reserve account and approximately 1.0%-2.0% in excess spread, while the class A notes are also enhanced by the 3.00% subordinated asset-backed certificates.
    The reserve account builds from 1.00% of the initial principal balance of the receivables to 2.25% of the current principal balance of the receivables down to a floor level of 0.75% of the initial principal balance of the receivables. This is a reduction in the level of the reserve account from Chase's last transaction, which was 1.50% building to 3.00% to a floor of 0.75%. This is Chase Manhattan Bank's first term securitization since the 1998-C transaction that closed in June 1998.
    On each payment date, all collected funds will be used to pay servicing and administration fees, monthly interest on the notes and certificates, pay the noteholders principal distributable amount to the notes and certificates, and deposit the remaining amount in the reserve account until the maintenance level is reached. Until the A-1 notes are paid in full, 100% of the principal distributable amount will be paid to the class A-1 notes. When the class A-1 notes are paid in full, 97% of the principal distributable amount will be paid to the remaining class A notes sequentially and 3% will be paid to the certificateholders.
    However, if the reserve account is less than 0.50% of the initial principal balance of the receivables, then the class A noteholders will receive 100% of the principal distributable amount until the class A notes are paid in full or the reserve account exceeds 0.50%.
    Chase Auto Finance's portfolio consisted of $15.5 billion in receivables as of Sept. 30, 2000. Total delinquent loans represented 2.08% of the portfolio at that time, which is close to the 2.05% level during the same period last year. Annual charge-off rates after the sale of repossessed vehicles was 0.55% of the portfolio as of Sept. 30, 2000, which is also close to the 0.56% charge-off rate during the same period last year, Standard & Poor's said.--CreditWire


    RATINGS ASSIGNED

    Chase Manhattan Auto Owner Trust 2000-A

Issue                                              Rating
Class A-1 $259.0 million 6.47% asset-backed notes   A-1+ 
Class A-2 $292.0 million 6.30% asset-backed notes   AAA 
Class A-3 $397.0 million 6.21% asset-backed notes   AAA 
Class A-4 $294.0 million 6.26% asset-backed notes   AAA 
$38.5 million 6.30% asset-backed certificates       A