Fitch Rates Alpine Securitization Corp.'s ABCP Program 'F1+'.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 8, 2004

Alpine Securitization Corp.'s (Alpine) asset-backed commercial paper (ABCP) program, sponsored by Credit Suisse First Boston (CSFB), is rated 'F1+' by Fitch Ratings. The rating is based on:

-- The quality of the assets purchased by Alpine;

-- The program-wide credit enhancement sized at 10% of all asset

purchases, excluding highly rated assets and fully supported

assets;

-- Liquidity support sized at 100%;

-- CSFB's strong administrative capabilities; and,

-- The program's sound legal structure.

CSFB is rated 'AA-/F1+' by Fitch.

Alpine is a special purpose, bankruptcy-remote Delaware corporation that purchases or makes loans secured by interests in pools of receivables and highly rated securities. Fitch will confirm each new asset purchase transaction entered into by Alpine, unless the transaction is fully supported by CSFB or other eligible institution. Alpine obtains funds by issuing notes, which may include U.S. dollar notes that are sold in the U.S., Euro CP notes (ECPs) issued in the European market, index linked notes, and medium-term notes (MTNs). U.S. notes include CP, secured liquidity notes (SLNs), and callable notes, each with a maximum tenor of 270 days. At this time, a rating is only being assigned to CP issued in the U.S. The issuance of SLNs, ECP, MTNs, index linked notes, and callable notes will require written confirmation from Fitch.

Alpine's program-wide credit enhancement is provided in the form of two irrevocable letters of credit (LOC) issued by CSFB. The total program-wide credit enhancement is sized at 10% of all asset pools held by Alpine, excluding assets rated 'AA' or higher and fully supported assets. To facilitate the timely repayment of maturing CP, Alpine is currently 100% supported by liquidity facilities provided by CSFB. Alpine may obtain liquidity support from banks rated at least 'F2'. However, CSFB or other 'F1+' banks must provide excess liquidity support to partially or fully cover exposures to liquidity banks rated below 'F1+'.

CSFB is Alpine's administrative agent and is responsible for coordinating the conduit's day to day operations, including evaluating all asset purchase transactions, ensuring that appropriate credit enhancement, liquidity support, and hedging agreements are arranged, and coordinating the issuance, sale and timely repayment of CP.