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FREMONT SMALL BUSINESS LOAN MASTER TRUST $200 MILLION VARIABLE RATE ASSET-BACKED CERTIFICATES, SERIES A RATED 'AAA' BY DUFF & PHELPS

 CHICAGO, April 14 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `AAA' (Triple-A) to the $200 million variable rate asset-backed certificates issued by Fremont Funding Inc. (FFI) through the Fremont Small Business Loan Master Trust. FFI is formed by Fremont Funding Corporation (Fremont) as a wholly-owned limited-purpose subsidiary. Fremont Funding Corporation is a wholly-owned subsidiary of Fremont General Corporation. This securitization is the fourth transaction to date rated by D&P which involves small business lending.
 The certificates are backed by commercial finance loans primarily made to small businesses which are conveyed to the Master Trust on a daily basis by Fremont. The loans represent cash advances on selected commercial revolving credit lines (for trade receivables and inventories) and, in some cases, term loans for equipment. Approximately 64 percent of the pool represents short-term revolving advances against trade receivables.
 For a period of 36 months, the investor certificates pay interest only on a monthly basis equal to the lessor of LIBOR + .47 percent per annum or the weighted average finance charge on the loans. During this period, collections are directed on a daily basis to cover interest, servicing fees and to purchase additional eligible advances. After the revolving period, collections allocated to investors are used to pay interest and pass-through principal on a monthly basis until the certificates are paid in full.
 The `AAA' rating by Duff & Phelps is based on an analysis of the characteristics of Fremont's portfolio of commercial finance loans; historical performance with respect to liquidations, charge-offs and portfolio turnover; origination and servicing capabilities; legal structure; and cash-flow projections. Credit enhancement is provided primarily through subordination equal to 19 percent of the Series A receivables. Subordinate draw-downs are replenished from any excess cash flow including any recoveries from defaulted receivables. A cash collateral account is established only after the revolving period ends and is funded from collections. The cash reserve will grow until it equals one month of interest (at the current rate), plus five months of interest from that portion of the pool which represents term loans.
 After the 36 month revolving period, the certificates amortize monthly until paid in full. Consequently, actual maturity depends on how quickly the underlying borrowers repay their loans. Under Fremont's current high portfolio turnover rate, certificates would pay out within several months after the end of the revolving period. If turnover should slow, actual maturity would lengthen. Also, the occurrence of an early amortization (trigger) event could result in a significantly shorter actual maturity. In addition, on each of the six payment dates prior to the end of the revolving period, FFI has the option to call the investor certificates. In any event, D&P's `AAA' rating addresses timely payment of principal by the Series A final termination date, which is 24 months after the end of the revolving period.
 -0- 4/14/93
 /CONTACT: Andrew Leszczynski, 312-368-3177 or Daniel J. Petrisko, 312-368-3185, both of Duff & Phelps Credit Rating Co./
 (FMT)


CO: Fremont Small Business Loan Master Trust ST: IN: FIN SU: RTG

WB -- NY101 -- 0772 04/14/93 17:13 EDT
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Date:Apr 14, 1993
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