Chase CCMT Ser 2000-3 $892MM Cls A/B/C Exp. `AAA'/ `A'/ `BBB' By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 28, 2000

Chase Credit Card Master Trust's $750 million class A floating-rate asset-backed notes, series 2000-3 are expected to be rated 'AAA' by Fitch. The corresponding $62.5 million class B floating-rate asset-backed notes, series 2000-3 are expected to be rated 'A' and the $80.357 million class C floating-rate asset-backed notes are expected to be rated 'BBB'.

Class A and B noteholders will receive monthly interest payments of 1mL+0.13% and 1mL+0.35% per annum, respectively and Class C noteholders will receive monthly interest payments of 1mL+0.70% per annum. Interest will be paid monthly on the 15th to class A, B, and C commencing in Nov. 2000. Credit enhancement totaling 16% of the invested amount is available for class A noteholders through a 9% subordination of class C and 7% class B subordination. Class B benefits from the 9% Class C subordination.

Fitch's expected note ratings are based on the notes' interest in the assets of the owner trust, which include the series certificate issued by the Chase Credit Card Master Trust and the Owner Trust Spread Account. The ratings also account for the series certificate's security interest in the assets of the master trust, the quality of the master trust's receivables, available credit enhancement, Chase Manhattan Bank's underwriting and servicing capabilities, as well as the transaction's solid legal and cash flow structures. In addition, the class C note ratings are also based on funds available in the Owner Trust Spread Account, and the ability of excess spread to be trapped in the Owner Trust Spread Account. The receivables pool was generated from accounts originated by both the former Chemical and Chase Manhattan banks and the combined entity since their merger. Series 2000-3 is the 25th transaction issued from the trust.

Fitch applies several stress scenarios to the portfolio to determine appropriate credit enhancement levels for each class. With the credit enhancement available, the class A notes can sustain a simultaneous 35% decrease in yield, a 45% drop in payment rate, and chargeoffs rising to a level of 43.39% from current performance, and still make timely interest and full principal payments to investors. The class B notes can withstand a scenario whereby yield drops 25%, payment rates drop 35%, and chargeoffs rise to 30.72%. Finally, the class C notes have enough credit enhancement to endure a drop in yield of 20%, a drop in monthly payment rate of 25%, and chargeoffs increasing to 16.71%. In addition, to address the interest rate and basis risk associated with uncapped floating coupons, the available enhancement enables a coupon stress to historic-high LIBOR levels without a one to one increase in yield.

Amortization events protect investors from a servicer default, a severe deterioration in asset quality, or other adverse conditions that may affect the trust or specific series. If an amortization event occurs, an accelerated payout of principal will commence and investors may be paid off earlier or later than expected.

The ratings address the likelihood of investors receiving full and timely interest payments in accordance with terms of the underlying documents and full repayment of principal by the Jan. 2008 termination date, not the likelihood of principal repayment by the scheduled note payment date of Sept. 2005 for class A and Oct. 2005 for class B and C.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.