Fitch Rates Business Loan Express Business Loan Trust, Series 2002-A.

Business Editors

Fitch Ratings has assigned a 'AAA' rating to the Business Loan Express Business loan-backed notes, series 2002-A class A notes and a 'A' rating to the class B notes. Principal and interest are paid to the note holders on the 25th of every month following the date of issuance. The class A notes will pay a per-annum interest rate equal to one month LIBOR plus 65 basis points. The class B notes will pay a per-annum interest rate equal to one month LIBOR plus 175 basis points. A pool of conventional business loans, all of which are backed by first liens on multipurpose owner-occupied commercial real estate, will back the notes. None of the business loans are guaranteed by any governmental agency. The business loans are sold to the trust by BLC Capital Corp. (BLCC) and BLX Conventional Funding Trust I (collectively, the 'Sellers').

The 'AAA' rating on the class A notes and the 'A' rating on the class B notes are based on the following:

--Aggregate credit enhancement in the form of subordination, a letter of credit and available excess spread;

--The collateral pool characteristics of the loans being purchased by the trust;

--The Sellers' experienced management team;

--The low delinquency and default history of the Sellers' conventional business loan and SBA 7(a) loan portfolios;

--Industry-wide historical performance of SBA 7(a) loans specific to the hotel/motel industry;

--Historical performance of prior BLX securitizations;

--The loan origination, underwriting and servicing policies of the Sellers and their affiliates; and,

--The sound legal and payment structure of the transaction.

Aggregate credit enhancement of 16.0% for the class A notes is provided through subordination from the class B notes (10.0%) and a letter of credit provided by Bank of America, N.A. (6.0%). Aggregate credit enhancement of 6.0% for the class B notes is provided through the letter of credit. The notes will also benefit from available excess spread. Additional excess spread will be trapped for delinquent loans and any deterioration in the margin between prime and LIBOR.

New York City-based BLCC is a wholly owned subsidiary of Business Loan Express, Inc. (BLX), formerly known as BLC Financial Services, Inc. (BLC). On Dec. 31, 2000, Washington, D.C.-based Allied Capital Corp. (Allied) acquired a 94.9% interest in BLX. BLX is one of only 13 nonbank participants in the SBA 7(a) program. Since 1997, BLX has completed five securitizations of the unguaranteed interests of SBA 7(a) loans. The 2002-A transaction represents the company's sixth securitization, but the company's first conventional business loan securitization.