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ISRAEL EXPORT TRUST SERIES 1994-1 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 19 /PRNewswire/ -- Israel Export Trust's $74.6 million series 1994-1 certificates are rated 'AAA' by Fitch. The rating is based on the 100% credit support provided by the Export-Import Bank of the U.S. (Eximbank) guaranty of the trust's assets, the strong servicing provided by The Bank of New York, and the sound legal structure.
 The trust was formed for the sole purpose of acquiring promissory notes of the obligor and issuing certificates of beneficial interest in the trust. The trust purchased two promissory notes evidencing loans made by The Bank of New York to Israel Electric Corporation Ltd., the obligor. Promissory note payments are guaranteed by Eximbank for 100% of principal and interest. The Eximbank guaranty is backed by the full faith and credit of the United States of America. The certificates are not directly guaranteed by Eximbank or the U.S.
 The principal and interest due on the promissory notes will be sufficient to pay the certificates' principal and 6.88% coupon. Trustee and servicer fees will be paid directly by the obligor pursuant to a separate agreement with the trustee and will not be payable from the assets of the trust. Principal and interest will be due under the promissory notes on each June 15 and Dec. 15, starting June 1994 and ending December 2002. All amounts will be paid in U.S. dollars.
 Interest and principal on the certificates is payable semiannually on each Jan. 26 and July 26, beginning July 1994. Payments of principal will be made in 17 equal payments of $4,385,353. The certificates are not subject to prepayment or acceleration.
 If an obligor fails to make full payment on the promissory note payment date and this failure continues for 30 days, the servicer will draw on the Eximbank guaranty. Eximbank will honor the draw within five business days. Since note payments are due 41 to 42 days before certificate payments, sufficient funds from Eximbank will be available on the certificate payment date. Subsequent to the first draw, Eximbank will continue to pay amounts due under the defaulted promissory note directly to the trustee.
 The trustee is obligated to make timely demands for obligor or Eximbank payments. If the Eximbank guaranty is not honored because of trustee error, the trustee will be required to make default payments itself.
 -0- 4/19/94
 /CONTACT: Tanya Fleischer of Fitch, 212-908-0664/


CO: Israel Export Trust Series 1994-1 ST: IN: FIN SU: RTG

CK -- NY086 -- 8182 04/19/94 12:49 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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