Fitch Assigns 'F1+' Rtg To Galaxy Funding, Inc. ABCP Prog.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 2, 2000

Galaxy Funding, Inc., a $10.0 billion dollar asset-backed commercial paper (ABCP) program sponsored by Firstar Bank, N.A., is rated 'F1+' by Fitch. The rating is based on the high quality of the assets to be purchased, the dynamic programwide credit enhancement, the 100% liquidity support, Firstar's strong administrative capabilities, and the program's sound legal structure.

Galaxy Funding is a special purpose bankruptcy remote Delaware corporation established to issue up to $10.0 billion of 4(2) commercial paper (CP), the proceeds of which will be used to purchase investment grade asset- backed and mortgage-backed securities and other financial assets which meet the program's investment policy guidelines. In addition to the high credit quality of the purchased securities, the program is also supported by programwide credit enhancement available in the form of an irrevocable letter of credit (LOC) provided by Firstar (rated 'A+/F1+' by Fitch). Credit enhancement is dynamic, and as such, fluctuates with the overall credit quality of Galaxy Funding's portfolio.

In order to ensure timely repayment of maturing CP, Galaxy Funding will be supported at all times by 100% liquidity provided by 'F1+' rated banks or financial institutions. The liquidity banks will not be required to fund against assets rated 'CCC' or lower, or in the event that Galaxy Funding is the subject of voluntary or involuntary (remaining unremedied for 60 days) bankruptcy proceedings. Firstar serves as Galaxy Funding's investment advisor and administrative agent. AMACAR Group, LLC serves as the program's manager.

For a copy of the Galaxy research report, please click the hyper-link below.

Galaxy Funding, Inc.

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.