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ML ASSET BACKED CORP. MONEY MARKET NOTES RATED 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 20 /PRNewswire/ -- ML Asset Backed Corp.'s $275 million Money Market Notes are rated AAA/F-1+' by Fitch. The $925 million Total Rate of Return Notes are also rated AAA'. Premier Auto Trust 1993-1 $50 million Asset Backed Certificates are rated A'. The ratings are based primarily on the characteristics of the retail auto receivables originated by Chrysler Credit Corp as well as funds in the reserve account and excess spread. The rating also reflects the adequacy of the receivables' cash flow to pay timely principal and interest and that the likelihood of a Chrysler bankruptcy delaying payments to the noteholders or certificateholders is extremely remote.
 The receivables were purchased by Premier Auto Receivables Co. from Chrysler Finance Corp. and were subsequently sold to ML Asset Backed Corp., who then issued the notes. Immediately following the issuance of the notes, the receivables were transferred to Premier Auto Trust 1993-1, which issued the certificates and assumed the liability of the notes.
 The receivables consist of installment sale contracts secured by new and used automobiles and light duty trucks. Approximately 89 percent of the pool is secured by new and previously owned current model year vehicles while 2 percent of the loans were originated under Chrysler Credit Corp.'s Gold Key Plus program. The pool is also well diversified with 9.5 percent located in Texas, 9 percent in California, 7 percent in New York, and 6 percent in Florida. At closing, no concentration in any one state exceeded 9.5 percent of the initial pool balance.
 The financial structure provides for all principal payments collected from the receivables to be distributed first to the Money Market Notes. Furthermore, excess cash will be distributed as an additional amount of principal. No payments of principal will be distributed to the Total Rate of Return Notes and certificates until the Money Market Notes are reduced to zero. Once the Money Market Notes equal zero, the Total Rate of Return Notes and certificates will be distributed a pro rata share of principal collections. The Total Rate of Return Notes will also be entitled to excess cash as an additional distribution of principal, but only after the Money Market Notes are reduced to zero.
 The stress scenario to determine if the final scheduled payment date for the Money Market Notes will be met assumed very slow loan repayments. Fitch believes that a fraction of Chrysler's lowest historical 12 month average prepayment rate and no losses is consistent with an F-1+' and AAA' stress scenario. Under this scenario, the final scheduled payment date was met for the Money Market Notes.
 Credit enhancement for the Money Market Notes and Total Rate of Return Notes will be supported by the 4 percent subordination provided by the Certificates, a 1.70 percent up-front cash deposit in the reserve account, and build-up of overcollateralization from the application of excess spread (about 500 basis points) as a principal distribution. Under Fitch's AAA' loss assumption of 9.00 percent losses, both classes of notes survived. The certificates, benefiting from the reserve account and overcollateralization, survived Fitch's A' loss assumption of 5.00 percent losses. When the overcollateralization reaches 5.00 percent, the reserve fund will be reduced to .75 percent of the original pool balance. As a result, in addition to funds in the reserve fund, the notes will have a total of 9 percent loss protection (4 percent subordination of the certificates plus 5 percent in overcollateralization) and the certificates will have a total of 5 percent loss protection (from the overcollateralization).
 Because the notes and certificates will be secured by receivables totaling approximately $422 million, a pre-funding account will be established at closing to account for the difference. An initial deposit will be made in amount equal to approximately $828 million to purchase new receivables within the first 6 months of issuance. In the unlikely event an insufficient amount of receivables is purchased, any funds remaining in the account will be used to redeem (in part) the notes and the certificates on a pro rata basis.
 -0- 1/20/93
 /CONTACT: Suzanne Mistretta of Fitch, 212-908-0637/


CO: ML Asset Backed Corp. ST: IN: FIN SU: RTG

WB -- NY046 -- 6919 01/20/93 13:13 EST
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Date:Jan 20, 1993
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