A-1+ Rating on FAST No. 3 CP Affirmed by S&P

Apr 30, 2001, 01:00 ET from Standard & Poor's

    MELBOURNE, Australia, April 30 /PRNewswire/ -- Standard & Poor's today
 affirmed its 'A-1'-plus rating on the commercial paper issued by the trustee
 of Financial Assets Specialised Trust No. 3 (FAST No. 3).  The rating
 affirmation reflects the availability of a restructured credit facility
 provided by Australia and New Zealand Banking Group Ltd. (ANZ), with an
 unconditional and irrevocable commitment to redeem commercial paper (CP)
 outstanding when required.
     On March 30, 2001, the FAST No. 3 program entered into an early
 amortization period, due to a seller default on the payment date. Harris
 Scarfe Holdings Ltd.--the holding company of the sellers--announced its
 appointment of voluntary administrators on April 3, 2001. Subsequently, its
 major secured creditor appointed a receiver and manager. The transaction
 parties have collectively agreed to continue the program despite the seller
 default; the program has been restructured to continue the revolving period
 and the credit facility has increased to 100% of the face value of CP
 outstanding to ensure the timely payment to CP holders, Standard & Poor's
 said. -- CreditWire
 
 

SOURCE Standard & Poor's
    MELBOURNE, Australia, April 30 /PRNewswire/ -- Standard & Poor's today
 affirmed its 'A-1'-plus rating on the commercial paper issued by the trustee
 of Financial Assets Specialised Trust No. 3 (FAST No. 3).  The rating
 affirmation reflects the availability of a restructured credit facility
 provided by Australia and New Zealand Banking Group Ltd. (ANZ), with an
 unconditional and irrevocable commitment to redeem commercial paper (CP)
 outstanding when required.
     On March 30, 2001, the FAST No. 3 program entered into an early
 amortization period, due to a seller default on the payment date. Harris
 Scarfe Holdings Ltd.--the holding company of the sellers--announced its
 appointment of voluntary administrators on April 3, 2001. Subsequently, its
 major secured creditor appointed a receiver and manager. The transaction
 parties have collectively agreed to continue the program despite the seller
 default; the program has been restructured to continue the revolving period
 and the credit facility has increased to 100% of the face value of CP
 outstanding to ensure the timely payment to CP holders, Standard & Poor's
 said. -- CreditWire
 
 SOURCE  Standard & Poor's