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Fitch Rates Sears Credit Account MT II Series 2000-2 `AAA'/`AA'.



Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 28, 2000

Sears Credit Account Master Trust II's $500 million 6.75% class A master trust certificates and $35.30 million 7.00% class B master trust certificates, series 2000-2 are rated `AAA' and `AA', respectively, by Fitch.

The corresponding $52.95 million class C certificates are not currently being offered and will be held by Sears Receivables Financing Group, Inc. (SRFG). The certificates are backed by a pool of receivables generated under Sears' revolving credit Revolving Credit

A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs.
 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 Credit Enhancement

A method whereby a company attempts to improve its debt or credit worthiness.

Notes:
Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing
 for class A totals 15% and is provided by the subordination of both the B and C classes. Credit enhancement for class B totals 9% 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 pro·long  
tr.v. pro·longed, pro·long·ing, pro·longs
1. To lengthen in duration; protract.

2. To lengthen in extent.
 exposure to deterioration de·te·ri·o·ra·tion
n.
The process or condition of becoming worse.
 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 Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data"
reapportion

allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of
 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.

Interest will be paid on the 15th of each month, or the following business day, commencing November 15, 2000 and continue throughout the revolving and variable accumulation periods Accumulation Period

1. The phase in an investor's life when he/she builds up his/her savings and the value of his/her investment portfolio with the intention of having a nest egg for retirement.

2.
 and on the expected principal payment date, provided an early payout event does not occur. Following the variable accumulation period, principal is expected to be paid to class A and B certificateholders on the September 2005 and October 2005 distribution dates, respectively. The series termination date termination date,
n See expiration date.
 is September 16, 2009. Series 2000-2 is the first series issued out of the master trust to feature a variable accumulation payout structure.

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

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 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 IBCA International Braille Chess Association
IBCA Institute of Burial and Cremation Administration
IBCA Integrated Business Communications Alliance
IBCA International Barbeque Cookers Association
IBCA Department of Interior Board of Contract Appeals
 and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.
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Publication:Business Wire
Date:Sep 28, 2000
Words:459
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