S&P Asgns Prelim Rtgs to AEL Corp. Consumer Loan ABS

Business Wire, Feb 20, 2002

Business Editors

TOKYO--(BUSINESS WIRE)--Standard & Poor's

Feb. 20, 2002--Standard & Poor's today assigned its preliminary double-'A' ratings to HABS Corp.'s Series 2002-1 JPY11 billion floating-rate notes due March 2009.

The notes are backed by a pool of consumer loan receivables originated by Ael Corp.

The preliminary ratings are based on information as of Feb. 20, 2002. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Standard & Poor's preliminary ratings address the full and timely payment of interest and the full repayment of principal by the legal final maturity in March 2009.

The preliminary ratings are based on:

-- Ample credit support provided by overcollateralization;

-- The maintenance of a reserve to cover commingling risk;

-- A cash reserve funded at closing to cover possible liquidity shortfalls that
might occur in the event of a servicer replacement;

-- The conclusion of an interest rate cap agreement with ING Bank N.V., London
Branch (AA- /Stable/A-1 ) to safeguard against interest rate risk; and

-- The establishment of HABS Corp. as a bankruptcy-remote special-purpose

company.