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DUFF & PHELPS RATES NEW FEATURE OFFERED IN CARAT 1993-3 (CAPITAL AUTO RECEIVABLES ASSET TRUST)

 CHICAGO, Oct. 15 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a preliminary rating of Duff 1+ (one-plus) to the money market tranche of the CARAT 1993-3 transaction. New to this issue is a rating that addresses full and timely payment of a specified principal amortization amount each month for the 13-month life of the tranche. The size of each monthly principal amortization amount due to investors is approximately $33 million.
 In order to determine the adequacy of cash flow to meet the amortization requirement, Duff & Phelps analyzed the monthly prepayment speeds of each outstanding GMAC trust, focusing on the monthly ABS prepayment rate of trusts that had a comparable weighted average remaining term at issuance to that of CARAT 1993-3 (approximately 47 months) and possessed other similar pool characteristics.
 Also of value was Duff & Phelps' monthly ABS rate analysis of trusts as they progressed through the 13 months following the point at which the trusts had an approximate weighted average remaining term of 47 months. During such 13 month periods, trusts generally experienced a monthly ABS rate of less than 1.80 percent, and averaged about 1.58 percent. The monthly principal payments due on the money market tranche of CARAT 1993-3 are sized to withstand an ABS rate of approximately 2.00 percent, well in excess of historical experience.
 Duff & Phelps is therefore comfortable in assigning its highest short-term rating, Duff 1+, to the full and timely payment of principal and interest each month to the money market tranche.
 -0- 10/15/93
 /CONTACT: Julia S. Landes of Duff & Phelps Credit Rating Co. 312-368-3180/


CO: Capital Auto Receivables Asset Trust ST: IN: SU: RTG

TS -- NY051 -- 2781 10/15/93 13:42 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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