CORRECT: Associates Manufactured Hsg $2B P-Ts Rated.

NEW YORK--(BUSINESS WIRE)--Oct. 11, 1999--

Associates Manufactured Housing Contract $2.018 billion pass-through certificates, series 1999-1, class A is rated 'AAA/F1+' by Fitch IBCA. (An earlier press release dated Oct. 4 incorrectly stated the rating as `F1+'.)

The `AAA' rating is based upon the quality of the manufactured housing contracts, the level of credit enhancement, the integrity of the legal and financial structure and the servicing capabilities of Associates Housing Finance, LLC (AHF).

Credit enhancement is provided by the 19.5% subordination of class B plus target overcollateralization equal to 1.5%. Additionally, the `F1+' rating is based on the ability of Associates Corporation of North America (ACONA) to honor its obligation as put option provider. The transaction is structured with a put option. On each distribution date the Class A certificate holders have the option to require ACONA to purchase their certificates at par. The ability of the certificate holders to receive payments once the put option is excercised is based upon ACONA's ability to make payments.

The contracts were originated or purchased by Associates Housing Finance, LLC (AHF), a wholly owned subsidiary of Associates First Capital Corp (AFCC). AFCC is a diversified financial services company that provides consumer and commercial financing worldwide.

AHF originates manufactured housing contracts through its nationwide dealer network and is one of the nations largest manufactured housing lenders. Although the company has previously securitized its manufactured housing loans, it has historically been a portfolio lender. Series 1999-1, is the first transaction after an approximately two-year break from the securitization market.

The receivables consist of fixed-rate manufactured housing contracts secured by new (73%) and used (27%) manufactured homes, which include accounts up to 59 days past due. The pool has a weighted average remaining term to maturity of 305 months, a weighted average seasoning of 11 months, and a weighted average contract rate of approximately 9.94%. The approximate weighted average loan-to-value at origination was 91.36% and the average outstanding principal balance at the cut-off date was $44,546. The pool is geographically diverse with concentrations in Texas (18.41%), California (11.03%), North Carolina (5.68%), and Florida (5.21%). No other state represents more than 5% of the pool.

Interest and principal will be distributed on the 15th day of each month. Principal will be distributed sequentially among class A and class B. Class B does not receive any interest payments. Class B will not receive any principal until the senior class has been reduced to zero or the cross-over date has occurred. The cross-over date is the later of the April 2004 distribution or when the class B principal balance plus overcollateralization represent 1.75 times or more of their initial percentage. Additionally, specific performance tests must be satisfied.

Given the quality of the collateral, the financial strength of ACONA, and the servicing capabilities of AHF, Fitch IBCA believes certificateholders are adequately protected by the available credit enhancement.