S&P Affirms A-1 Rating on SPARC's Commercial Paper

Business Wire, May 17, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--May 17, 2000

(Standard & Poor's CreditWire)--Standard & Poor's today affirmed its 'A-1' rating on the commercial paper notes of Special Purpose Accounts Receivable Cooperative Corp. (SPARC).

The rating action follows SPARC's purchase of up to US$250 million pool of bus receivables from a bus finance company.

The rating on SPARC's commercial paper program is based on liquidity support from liquidity providers with short-term ratings commensurate with SPARC's 'A-1' rating, and sufficient pool-specific credit enhancement.

SPARC is a multiseller, partially enhanced asset-backed commercial paper program sponsored by Canadian Imperial Bank of Commerce, Standard & Poor's said. -- CreditWire