S&P Asgns Prelim Rtg to Fleet Crdit Card Master Tr II

Business Wire, Nov 14, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Nov. 14, 2000--Standard & Poor's today assigned its preliminary ratings to Fleet Credit Card Master Trust II's $801 million asset-backed certificates series 2000-D.

The preliminary ratings are based on information as of Nov. 14. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

The preliminary ratings on Fleet Credit Card Master Trust II $801 million asset-backed certificates, series 2000-D reflect sufficient credit support of 18.5% for the class A certificates and 11.0% for the class B certificates, the improved performance of the trust's credit card portfolio, and structural protections, including subordinating the interest payable to the collateral interest holder to all senior class payments.

Series 2000-D class A and class B are five-year certificates with an expected principal payment date of Nov. 15, 2005. The trust will also issue a third tranche, the collateral interest, which will serve as subordination for the class A and class B certificates. Flows allocated to the collateral interest tranche, after paying all expenses at the master trust level, will be transferred to Fleet Secured Note Trust Series 2000-D. Notes issued out of the owner trust will be privately placed and rated by Standard & Poor's in a separate transaction. Series 2000-D will be the fourth issuance in 2000 for Fleet, and will represent the 17th series issued out of the Fleet Credit Card Master Trust II that is currently outstanding.

A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said. -- CreditWire

PRELIMINARY RATINGS ASSIGNED Fleet Credit Card Master Trust II Class Amount ($000s) Rating A 733,500 AAA B 67,500 A CIA 99,000 N/A

Copyright 2000, Standard & Poor's Ratings Services