LONDON, Feb. 11 /PRNewswire/ -- Standard & Poor's today raised its rating
to 'AAA' from 'BBB+' on the class B floating-rate notes series 1999-1 issued
by special-purpose entity FAST 1999-1 Ltd. At the same time, the 'AAA' rating
on the class A notes was affirmed.
The rating action on the B notes primarily reflects a recognition of the
continued strong underlying pool performance characterized by diverse asset,
industry, and regional concentrations, combined with low delinquency rates and
cumulative net losses representing less than 1% of the initial pool balance.
Additionally, large loan concentration within the pool is considered to be
covered comfortably by the credit support available to the notes.
The affirmation of the rating on the class A notes is based on continued
recognition of the sound structure and credit quality of the underlying loans
and the credit support available to the A notes as a result of the
subordination of the class B notes and the unrated C and R notes.
The notes issued by FAST 1999-1, which closed in July 1999, are backed by
a pool of secured loan, lease, and hire purchase agreements originated by GFKL
Portfolio Services GmbH and relating primarily to motor vehicles, equipment,
and machinery to commercial borrowers domiciled in Germany.
SOURCE Standard & Poor's
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CONTACT:
Stuart Nelson, +44-20-7826-3621, or Cassandra
Merrifield, +44-20-7826-3848, both of Standard & Poor's, London
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