S&P Assign IOS Cap LLC Above Avg Equip Lease Servicer

Business Wire, Nov 5, 2002

Business Editors

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

Nov. 5, 2002--Standard & Poor's Ratings Services today assigned its ABOVE AVERAGE ranking to IOS Capital LLC, a wholly owned subsidiary of IKON Office Solutions Inc., as an Equipment Lease Servicer.

The outlook is Stable.

The ranking assignment reflects IOS Capital's well-established servicing track record for office equipment leases on behalf of its parent as well as for ABS transactions. The company's management team and professional staff demonstrate a high degree of industry knowledge and proficiency regarding servicing leases in the office equipment sector. IOS Capital uses an integrated technology platform that has the necessary functionality for addressing a full range of detailed internal management and third-party reporting needs in an efficient manner. The servicing environment denotes a well-designed organizational structure, acceptable internal control mechanisms, and sound operating policies and procedures. IOS Capital is particularly proactive and effective in its portfolio management, credit monitoring and watch list, asset recovery, and default management practices. Additional strengths include the ability to offer a variety of customized invoicing and payment options, including cost per image invoicing, for its customers. IOS Capital is the first equipment lease servicer to be ranked by Standard & Poor's and included on the Select Servicer List.

The full Servicer Evaluation Report for IOS Capital will be available this month on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report will also be available on Standard & Poor's new Web site at www.standardandpoors.com. Select Fixed Income. Then, under News & Analysis, select Servicer Evaluations.

OUTLOOK: STABLE

As of June 30, 2002, IOS Capital serviced a $3.2 billion portfolio consisting of nearly 257,000 leases to almost 118,000 lessees. The company's servicing portfolio is diversified among numerous industry sectors and covers lessees based in all geographic regions of the U.S.

Copyright 2002, Standard & Poor's Ratings Services