Fitch: U.S. ABCP Outstandings Rise to $737.8B; New FIN 46 Compliant Vehicle Enters Market.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 16, 2003

U.S. Asset-Backed Commercial Paper (ABCP) outstandings rose 1.92% to $737.8 billion in May from $723.9 billion the month prior, according to Fitch Ratings' latest edition of 'ABCP Paper Trail,' a monthly digest of the rating and research activity of the firm's asset-backed commercial paper group.

The U.S. ABCP market's share of all outstanding CP improved for the third consecutive month to 53.89% from 53.12%. As total secured outstandings increased to near year-end levels, so too did secured CP's share of overall CP outstandings. Market participants remain buoyed by the likelihood of successful FASB Interpretation No. 46 (FIN 46) restructurings as well as the possibility of regulatory capital relief.

Fitch issued 12 ratings confirmations during the month of May in connection with 12 ABCP programs, a majority of which were in response to program amendments. In addition, several new ratings were assigned during the month. The most notable of such ratings was the 'F1+' assigned to the Bank of America's new ABCP program Yorktown Capital, LLC, which is designed to comply with FIN 46 and avoid consolidation by Bank of America.

The latest edition of 'The ABCP Paper Trail' can be found on Fitch's web site at 'www.fitchratings.com' in the 'newsletters' section corresponding with the 'ABS sector' or by contacting the Ratings Desk at 1-800-893-4824.