Bombardier Capital Mortgage Sr Sub P-Ts, Ser 2000-A Rated.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 27, 2000

Bombardier Capital Mortgage Securitization Corp.'s $310.5 million pass-through certificates, series 2000-A, classes A-1 through A-5, are rated 'AAA' by Fitch IBCA. In addition, the $29.2 million class M-1 certificates are rated `AA' and the $20.8 million class M-2 certificates are rated `A'. The B-1 and B-2 certificates are not being offered at this time. The ratings are based upon the quality of the manufactured housing contracts, the respective levels of credit enhancement, the integrity of the legal and financial structure and the servicing capabilities of Bombardier Capital, Inc. (BCI).

Credit enhancement for the senior certificates is provided by the 21.75% subordination of classes M-1, M-2, B-1, and B-2 plus future overcollateralization (OC) equaling 5.25%. Credit enhancement for the class M-1 certificates is provided by the 14.75% subordination of classes M-2, B-1, and B-2 plus future OC equaling 5.25%. Credit enhancement for the class M-2 certificates is provided by the 9.75% subordination of classes B-1 and B-2 plus future OC equaling 5.25%.

The receivables consist of fixed-rate manufactured housing contracts secured by new (89.56%) and used (10.44%) manufactured homes. The $416.8 million original pool has a weighted average remaining term-to-maturity of 323 months and is geographically diverse with concentrations in Texas (23.21%), Florida (9.53%), South Carolina (8.16%), Alabama (8.07%), North Carolina (6.07%), Georgia (5.99%), and Arkansas (5.98%). No other state represents more than 5% of the pool.

Interest and principal on the certificates will be distributed on the 15th day of each month. Interest is paid first to the senior certificates, then to the classes M-1, M-2, B-1 and B-2 certificates. Next, principal is distributed sequentially to all classes of certificates. Classes M will not receive any principal until the senior classes have been reduced to zero or the crossover date and principal distribution tests have been met. Classes B will not receive any principal until the senior and classes M principal has been reduced to zero or the cross-over date and principal distribution tests have been met. The crossover date is the later of the February 2005 distribution date or when the subordinated certificates plus the current OC amount as a percent of current pool balance equal or exceed 1.86 times (x) their original size as a percent of original pool balance.

On the closing date, the OC amount will equal $15.6 million (3.74% of the original pool balance). Excess spread will be used initially to accelerate principal payments to the senior certificates until the target OC reaches 5.25% of the original pool balance. After the step-down date, the OC amount may be reduced to 9.1875% of the current pool balance (1.75 times the target OC). However, a floor of 1.25% of the original pool balance will be maintained.

BCI's Mortgage Division (BCIMD), a division of BCI was formed in February 1997. Headquartered in Jacksonville, Florida, it originates manufactured housing contracts through its dealer network.

BCI is an indirect, wholly-owned subsidiary of Bombardier, Inc.; a Montreal-based corporation engaged in design, development, manufacturing, and marketing activities in the fields of transportation equipment, aerospace and motorized consumer products. BCI has been providing financial services to its parent, Bombardier, Inc. since 1974, and has since diversified its financing activities outside of Bombardier products. The largest segments of BCI's business are in financing dealer inventories for manufactured housing and recreational and specialty vehicles. Additionally, BCI provides lending, leasing, and asset management services to a variety of businesses.

BCI will perform all servicing functions on the receivables.

Given the quality of the collateral and BCI's servicing capabilities, Fitch IBCA believes certificateholders are adequately protected by the available credit enhancements.