Fitch: U.S. ABCP Outstandings for August Fell to $715.4 Billion.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 22, 2003

U.S. Asset-Backed Commercial Paper (ABCP) outstandings fell in August to $715.4 billion from $735.7 billion at the end of July, according to Fitch Ratings' latest edition of 'The ABCP Paper Trail,' a monthly digest of the rating and research activity of the firm's asset-backed commercial paper group.

The outstandings declined to their lowest level since September 2001, which can be attributed to the seasonal end-of-summer lull. However, outstandings did rebound slightly during the first few days of September. During August, overall USCP outstandings decreased 2.5% to $1,298.8 billion.

Fitch assigned new ABCP ratings in the month of August to Yum! Capital LLC ('F1'). In addition, Fitch issued 18 rating confirmations, the majority of which consisted of transaction amendments, as activity dipped slightly from the previous month.

In the latest 'ABCP Paper Trail,' Fitch also includes a FASB update discussing expected loss note issuance in connection with the Sept. 30 deadline per FIN 46, as well as feedback from investors. The expected loss note solution to FIN 46 does not present a credit issue with regard to the ABCP programs, it is an accounting issue instead.

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.