S&P Asgns Prelim Rtgs in German BayernLB's CMBS Deal.

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

July 22, 2002-- Standard & Poor's said today that it assigned its preliminary ratings to the EUR2.17 billion floating-rate amortizing credit-linked notes to be issued by Nymphenburg 2002-1

On closing, the issuer will invest the proceeds of the issuance in 'AAA' rated floating-rate notes issued by BayernLB. These "collateral notes" will secure the issuer's obligation to make payments under the credit-linked notes.

Payments to noteholders are linked to the performance of a reference pool of commercial property loans in the U.K., the U.S., France, Switzerland, Belgium, and Ireland, originated and serviced by BayernLB. The reference pool loans are secured on good-quality commercial real estate spread throughout the different countries. Loans from two further European countries (Spain and The Netherlands) may be added to the reference pool (subject to Standard & Poor's consent) through the replenishment feature.

The ratings reflect the quality of the underlying collateral, the structure of the transaction, the diversity of the reference pool of 245 commercial mortgages, and BayernLB's ability to service the loans.

A key factor considered in assigning the preliminary ratings is the sequential pay structure of the credit-linked notes. Effectively, credit support will be provided to each class of notes by the classes of notes below it (including the A1 to A5 notes). In addition, there is a further tranche below the rated classes of notes.

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. Under Presale Reports, select Structured Finance, then Commercial Mortgage-Backed Securities.

PRELIMINARY RATINGS ASSIGNED
Nymphenburg 2002-1 Ltd.
EUR2.17 Billion Floating-Rate Amortizing Credit-Linked Notes
Class       Rating    Amount (Mil. EUR)
A1          AAA       514.2
A2          AAA       500.0
A3          AAA       530.0
A4          AAA       150.0
A5          AAA        70.0
M           AAA        80.0
B           AA        110.0
C           A         100.0
D           BBB        83.0
E           BB         33.0

ANALYTICAL E-MAIL ADDRESSES

jonathan_braidley@standardandpoors.com

michelle_weston@standardandpoors.com

StructuredFinanceEurope@standardandpoors.com

Copyright 2002, Standard & Poor's Ratings Services