Fitch Downgrades ICON Capital Equip Lease Securitizations.

Business Editors

CHICAGO--(BUSINESS WIRE)--Sept. 15, 2000

Fitch downgrades the proceeding classes of securities as follows:

ICON Receivables 1997-A, LLC:

-- Series 1997-A Class A-1 notes are downgraded to 'BBB' from

'AA'. The Class A-2 notes are downgraded to 'B' from 'A'. The

Class A-3 notes are downgraded to 'CCC' from 'BBB'. All

classes of notes are also placed on Rating Watch Negative.

ICON Equipment Lease Grantor Trust 1998-A:

-- Equipment lease-backed certificates, Series 1998-A, Class C

certificates are downgraded to 'BB' from 'BBB'. The Class D

certificates are downgraded to 'B' from 'BB'. Ratings on the

Class A certificates and the Class B certificates are

unchanged. All classes of certificates are placed on Rating

Watch Negative.

These rating actions are the result of adverse collateral performance and further deterioration of asset quality outside of Fitch's original base case expectations. In the 1997-A and 1998-A transactions, delinquencies have been significantly higher than historical levels. Losses from defaulted leases have significantly reduced the remaining credit enhancement available for each class of securities. In the 1997-A transaction, a large obligor default, with little or no expected recoveries, also occurred.

Fitch will continue to closely monitor these transactions and may take additional rating action in the case of further deterioration.

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.