ACA ABS 2003-2 Limited Rated 'AAA'/'AA'/'A'/'BBB'/'BB' by Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 6, 2003

ACA ABS 2003-2, Limited's $10.0 million class A-1SW floating rate notes, $315.0 million class A-1SU floating rate notes, $146.5 million class A-1SD floating rate notes (collectively, the 'class A-1S notes') and $108.0 million class A-1J floating rate notes are rated 'AAA', $51.0 million class A-2 floating rate notes are rated 'AA', $36.0 million class A-3 floating rate notes are rated 'A', $7.0 million class B-F fixed rate notes and $15.0 million class B-V floating rate notes (collectively the 'class B notes') are rated 'BBB' and $3.0 million class C fixed rate notes are rated 'BB' by Fitch. The ratings on the class A-1S, class A-1J, and class A-2 notes address the timely payment of interest and ultimate repayment of principal; the ratings on the class A-3, class B and class C notes address the ultimate payment of interest and principal.

The ratings are based on the capital structure of the transaction, the quality of the collateral, the overcollateralization and interest coverage provided for within the indenture, and the experience of ACA Management LLC (ACA) as the collateral manager.

The proceeds of the notes will be used to purchase a diversified investment portfolio consisting primarily of residential mortgage-backed securities (RMBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), real estate investment trusts (REITs) and collateralized debt obligations CDOs. The reinvestment period will end no later than December 10, 2007. The maximum Fitch weighted average rating factor test is 5 ('BBB'/'BBB-'). The notes have a stated maturity of December 10, 2038. Upon completion of the reinvestment period or the breach of a coverage test as outlined in the indenture, the notes will begin receiving principal repayment, sequentially starting with the class A-1S notes which are pro rata in payment.

The collateral manager will purchase and sell all investments for the portfolio on behalf of the issuer. ACA ABS 2003-2, Limited is a special purpose company, incorporated under the laws of the Cayman Islands. ACA will manage the portfolio in accordance with specific investment restrictions as outlined in the indenture.

ACA Management LLC is a NY-based asset manager, formed in May 2001 and a member of the American Capital Access group of companies. ACA employs a staff of more than 25 professionals with diverse capabilities stemming from the capital markets, insurance/reinsurance, real estate, and commercial lending business sectors. Currently, the team manages $6 billion in assets through three synthetic CDOs and four structured finance CDOs including this transaction.