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S&P Assigns Rating to DaimlerChrysler Auto Trust 2000-E

21 December 2000

S&P Assigns Rating to DaimlerChrysler Auto Trust 2000-E

    NEW YORK, Dec. 21 Standard & Poor's today assigned its
ratings to DaimlerChrysler Auto Trust 2000-E's $1.5 billion asset-backed notes
(see list).
    The ratings reflect credit enhancement in the form of 3.50% of initial
overcollateralization, 3.25% subordinated asset-backed certificates, a 0.25%
fully funded reserve account, and about 2.0%-3.0% in excess spread. The size
of the initial overcollateralization has been reduced from 4.75% on the last
transaction due to the addition of a yield supplement overcollateralization
amount (YSOA) of $133 million. The YSOA was created by discounting the future
payments due from subvented interest rate loans at a 7.5% discount rate to
create a synthetic yield, which will be used monthly to cover interest due on
the notes and the servicing fee.  Although this YSOA is created to cover
interest payments due on the notes, the amount is converted to actual
overcollateralization upon the prepayment of a subvented loan, which can then
be used as future credit enhancement.  As a result of the YSOA, Standard &
Poor's concluded that the initial overcollateralization could be reduced from
4.75% to 3.50% while maintaining the same loss coverage as in previous
securitizations. In addition, Standard & Poor's feels that the ratings on the
2000-E securitization are based on the extensive amount of data obtained from
Chrysler Financial Co. LLC, the solid credit quality of the underlying pool of
automobile loans, a sound legal structure, and about 10% in total credit
enhancement.
    This is Chrysler Financial's fifth term securitization of the year, which
consists of $1.5 billion in triple-'A' rated securities and $367 million of
retained notes, certificates, and overcollateralization, backed by over
$2.0 billion in auto loan receivables. All credit enhancement is measured as a
percent of initial securities, which is defined as the initial balance of the
class A-1 through class A-4 notes plus the $58.624 million initial principal
balance of subordinated asset-backed certificates.
    Until the class A-1 notes are paid in full, all monthly collected funds
will be used to pay the servicing fee, note interest, replenish the reserve
account, and pay principal on the class A-1 notes until paid in full.
Thereafter, monthly principal will be applied sequentially to the remaining
securities while maintaining overcollateralization at 4.0% of the remaining
discounted pool balance with the remainder being released to DaimlerChrysler
Retail Receivables LLC. The reserve account will be fully funded at 0.25% at
closing and the specified reserve account balance will remain at this level as
long as the securities remain outstanding. Thus, as the receivables amortize,
the reserve account will grow as a percent of assets outstanding. The reserve
account will be used to pay shortfalls in interest, pay principal on the notes
if a class is not paid in full on its legal final payment date, and to
pay-down notes if overcollateralization is depleted.
    DaimlerChrysler Auto Trust 2000-E, a Delaware business trust, is the
issuer of the securities. DaimlerChrysler Retail Receivables LLC, formerly
known as Premier Receivables LLC, is an indirect wholly owned subsidiary of
Chrysler Financial and is the initial holder of the overcollateralization
certificates and the subordinated asset-backed certificates. Chrysler
Financial, a frequent issuer of ABS, completed 34 transactions using the
Premier Auto Trust structure. This will be Chrysler Financial's fifth
securitization using the DaimlerChrysler Auto Trust, which was established to
allow the trust to purchase auto receivables directly from Chrysler Financial
or indirectly from Mercedes-Benz Credit Corp. The 2000-E transaction consists
of only receivables originated by Chrysler Financial.
    Chrysler Financial, with a total serviced retail auto portfolio of
$32.2 billion, experienced 15.8% growth over the past 12 months. Delinquencies
have improved to 1.52% and net losses have improved to 0.74% of the average
gross retail contracts outstanding as of the nine months ending September
2000.

    NEW RATINGS ASSIGNED

    DaimlerChrysler Auto Trust 2000-E
    Issue                                                 Rating
    Class A-2 $770 million 6.21% asset-backed notes       AAA
    Class A-3 $360 million 6.11% asset-backed notes       AAA
    Class A-4 $370 million 6.16% asset-backed notes       AAA