S&P Assigns Ratings to AEL Corp.'s Consumer Loan ABS

Business Wire, Feb 28, 2002

Business Editors

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

Feb. 28, 2002--Standard & Poor's today assigned its 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.

Standard & Poor's ratings address the full and timely payment of interest and the full repayment of principal by the legal final maturity in March 2009. The 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.

Copyright 2002, Standard & Poor's Ratings Services.