Fitch Rates Sears Credit Account MT II Ser 2002-3 'AAA'/'AA'.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 13, 2002

Sears Credit Account Master Trust II's $500 million floating rate class A master trust certificates and $40.5 million floating rate class B master trust certificates, series 2002-3 are rated 'AAA' and 'AA', respectively, by Fitch Ratings. The corresponding $88.5 million class C certificates are not currently being offered and are held by Sears Receivables Financing Group, Inc. (SRFG). The certificates are backed by a pool of receivables generated under Sears' revolving credit plans. The ratings are based on the high quality and stability of the receivables pool, subordination of the class B and class C certificates, the strong servicing capabilities of Sears, Roebuck and Co., and the sound legal and cash flow structures.

Credit enhancement for class A totals 20.5% and is provided by the subordination of both the B and C classes. Credit enhancement for class B totals 14% and is provided by the subordination of class C. Several economic stress scenarios were reviewed to determine the appropriate level of credit enhancement for the class A and class B certificates.

Investors are protected from prolonged exposure to deterioration in credit card performance and/or servicer default by the rapid amortization events, which trigger the start of accelerated investor payout. A structural feature present in all Sears transactions is the ability to reallocate finance charges normally allocated to the seller to investors during rapid amortization. This feature creates large amounts of extra collections to cover investor defaults when they are most needed.

Class A and class B certificateholders will receive monthly interest payments of 29 bps and 67 bps over one-month LIBOR, respectively, throughout the revolving period and controlled accumulation period. Interest will be paid on the 15th of each month, or the following business day, commencing July 15, 2002 and continue throughout the revolving and controlled accumulation periods and on the expected principal payment date, provided an early payout event does not occur. Following the controlled accumulation period, principal is expected to be paid to the class A certificateholders on the May 15, 2012 distribution date and the class B certificateholders on the June 15, 2012 distribution date. The series termination date is May 17, 2016.

For additional information on Sears Credit Account Master Trust II or other asset-backed issues, please refer to the U.S. Asset-Backed link on Fitch's web site 'www.fitchratings.com'.