Fitch Rts DVI Receivables XVI L.L.C. 2001-2 $416MM Of Secs.

Business Editors

CHICAGO--(BUSINESS WIRE)--Nov. 9, 2001

Fitch rates the $62,000,000 class A-1 notes for DVI Receivables XVI L.L.C., series 2001-2 'F1+'.

In addition, $59,500,000 class A-2 notes are rated 'AAA', $122,000,000 class A-3 notes 'AAA', $134,536,000 class A-4 notes 'AAA', $6,440,000 class B notes 'AA', $12,890,000 class C notes 'A', $8,590,000 class D notes 'BBB', and $10,740,000 class E notes are rated 'BB'.

The 'AAA' rating on the aggregate $378,036,000 class A notes reflects the 13.5% credit enhancement provided by the subordination of the class B notes (1.50%), the class C notes (3%), the class D notes (2%), the class E notes (2.50%), the reserve account (1.50%), and the issuer's retained interest (3%). The 'AA' rating on the class B notes reflects the 12% credit enhancement provided by the class C notes, the class D notes, the class E notes, the reserve account, and the issuer's retained interest. The 'A' rating on the class C notes is based on the 9% credit enhancement provided by the class D notes, the class E notes, the reserve account, and the issuer's retained interest. The 'BBB' rating on the class D notes reflects the 7% credit enhancement provided by the class E notes, the reserve account, and the issuer's retained interest. The 'BB' rating on the class E notes reflects 4.50% credit enhancement provided by the reserve account and the issuer's retained interest. The ratings address the payment of timely interest and ultimate payment of principal.

The credit enhancement levels were sized to withstand the default of certain top obligor concentrations at each rating level over the life of the transaction. Fitch's analysis also took into consideration the underwriting and servicing procedures of DVI Financial Services, Inc. (DVI FS); collateral pool diversification; the performance of DVI FS' managed portfolio and previous securitizations; and the sound legal and payment structure of the transaction. At closing, the reserve account was funded in an amount equal to 1.50% of the

discounted present value of the leases. On an ongoing basis, the required reserve amount equals the lesser of a) 1.50% of the discounted PV of the leases as of the cut-off date, and, b) the outstanding principal amount of the class A through E notes. Amounts in excess of the required reserve amount will be disbursed to the issuer.

There are 1,551 contracts in the pool, representing a statistical aggregate discounted contract balance of approximately $429 million. The average contract principal balance is approximately $276,971. The collateral in the pool consists of leases and loans secured by a variety of medical equipment. The underlying obligors are primarily individual doctors, hospitals, surgery centers, and physician's groups.

As servicer, DVI has a number of responsibilities including; reviewing the contract files for completeness, monitoring and tracking to insure that all necessary insurance is in place and that all taxes are paid, billing and collections of payment from obligors, depositing funds into the collection accounts, providing periodic servicing reports and remarketing and repossession of the underlying equipment.

DVI Receivables XVI L.L.C., series 2001-2, represents the second DVI FS equipment lease securitization rated by Fitch in 2001.

DVI Receivables XVI, L.L.C. is wholly owned by DVI Financial Services, Inc., which is a wholly owned subsidiary of DVI, Inc. (DVI). Headquartered in Jamison, Pennsylvania, DVI began operations in 1985 and specializes in originating and servicing big-ticket loans and leases of medical equipment to healthcare providers. For more information, on DVI, Inc. dated May 8, 2001, see FitchResearch, Fitch's subscription-based web site at `www.fitchratings.com'.