S&P Puts Various Rental Car ABS Note Rtgs on WatchNeg.

Business Editors

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

April 8, 2002-- Standard & Poor's today placed its ratings on several uninsured public and privately rated rental car asset-backed notes on CreditWatch with negative implications (see list).

The CreditWatch

placements reflect Standard & Poor's review of certain assumptions that are the basis for assigning ratings to car rental fleet securitizations. The uncertainty of the Nov. 13, 2001 bankruptcy filing of ANC Rental Corp. (ANC) and its three operating companies (National Car Rental System Inc., Alamo Rent-A-Car LLC, and Spirit Rent-A-Car Inc. d/b/a Alamo) is partially responsible for prompting the review of these transactions. However, the review is not indicative of deteriorating performance in any of the transactions placed on CreditWatch.

Standard & Poor's review will focus primarily on its timing assumptions regarding the exercise of remedies under the U.S. Bankruptcy Code in a Chapter 11 bankruptcy filing. The review will also focus on the operational and cost aspects of managing the timely disposition of a sizable car rental fleet. Consequently, Standard & Poor's has placed the public and private ratings assigned to uninsured mezzanine and subordinated notes on CreditWatch with negative implications, affecting 30 classes across 10 transactions from two issuers.

The Team Fleet rental car notes are the only uninsured securities publicly rated by Standard & Poor's, which had not already been placed on CreditWatch. On Jan. 29, 2002, Standard & Poor's placed its triple-'B' rating on ARG Funding Corp.'s floating-rate rental car asset-backed class B notes series 2001-3 on CreditWatch with negative implications (ARG is a wholly-owned subsidiary of ANC). The Team Fleet rental car notes are serviced by Budget Group Inc. (Budget Group). On April 3, 2002, Standard & Poor's lowered its corporate credit rating on Budget Group to 'SD' from triple-'C'. Also, the rating on Budget Group's senior unsecured notes was lowered to 'D' from double-'C', following the company's failure to make an interest payment due April 1. Standard & Poor's will continue to monitor the impact of Budget Group's bond default on the Team Fleet rental car notes.

The uninsured rental car asset-backed notes will remain on CreditWatch with negative implications until Standard & Poor's has concluded its evaluation of its current rating criteria and has determined the effect of any adjustments on the existing ratings.

PUBLIC RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

Team Fleet Financing Corp.
Rental car asset-backed notes series 1996-1

Class            Rating
          To                From         Balance ($ mil)
A         BBB+/Watch Neg    BBB+         27.67
B         BBB/Watch Neg     BBB          10

Team Fleet Financing Corp.
Fixed-rate rental car asset-backed notes series 1997-1

Class            Rating
          To                From         Balance ($ mil)
A         BBB+/Watch Neg    BBB+         275.625
B         BBB/Watch Neg     BBB          27.5

Team Fleet Financing Corp.
Rental car asset-backed notes series 1998-3

Class            Rating
          To                From         Balance ($ mil)
A         AA/Watch Neg      AA           425
B         BBB+/Watch Neg    BBB+         45
C         BBB/Watch Neg     BBB          30

Team Fleet Financing Corp.
Rental car asset-backed notes series 1998-4

Class            Rating
          To                From         Balance ($ mil)
A         AA/Watch Neg      AA           127.5
B         BBB+/Watch Neg    BBB+         13.5
C         BBB/Watch Neg     BBB          9

Team Fleet Financing Corp.
Rental car asset-backed notes series 1999-4

Class            Rating
          To                From         Balance ($ mil)
B         AA/Watch Neg      AA           22
C         BBB+/Watch Neg    BBB+         24
D         BBB/Watch Neg     BBB          12

Team Fleet Financing Corp.
Floating-rate rental car asset-backed notes series 2001-2

Class            Rating
          To                From         Balance ($ mil)
B         AA/Watch Neg      AA           51.062
C         BBB+/Watch Neg    BBB+         61.75

Team Fleet Financing Corp.
Floating-rate rental car asset-backed notes series 2001-3

Class            Rating
          To                From         Balance ($ mil)
B         AA/Watch Neg      AA           25.875
C         A-/Watch Neg      A-           31.625

Copyright 2002, Standard & Poor's Ratings Services