Standard & Poor's Puts CHYPS CBO 1999-1 Ratings on WatchNeg; Others Affirmed

Apr 19, 2001, 01:00 ET from Standard & Poor's

    NEW YORK, April 19 /PRNewswire/ -- Standard & Poor's today placed its
 single-'A'-minus ratings on the class A-3A and class A-3B notes issued by
 CHYPS CBO 1999-1 Ltd. and co-issued by CHYPS CBO 1999-1 (Delaware) Corp. on
 CreditWatch with negative implications.  Concurrently, the triple-'A' ratings
 are affirmed on the class A-1L notes, class A-1 notes, and class A-2 notes.
 Based on a financial guarantee insurance policy issued by Financial Security
 Assurance Inc. the triple-'A' ratings are unaffected by the CreditWatch
 placements (see list).
     These CreditWatch placements reflect asset defaults within the collateral
 pool, and a downward migration in the credit quality of some of the performing
 assets.  Of the assets currently held within the collateral pool, $14 million
 (or approximately 4.25%)come from obligors rated 'D' by Standard & Poor's, and
 another $5.250 million of the assets within the collateral pool come from
 obligors rated double-'C' which are currently on CreditWatch negative.
     As a result of the defaulted assets, the required overcollateralization
 tests for the transaction are currently out of compliance.  As of the April 2,
 2001 monthly report, the class A overcollateralization ratio was at 112.28%,
 versus its required minimum level of 114%.  An overcollateralization test for
 a subordinate tranche not rated by Standard & Poor's was also out of
 compliance: the class B overcollateralization test, with a calculated level of
 101.11%, versus its required minimum level of 104%.
     Standard & Poor's will be reviewing the results of current cash flow runs
 generated for the transaction in order to evaluate the effect of the defaults
 and the deterioration in credit quality within the collateral pool on the
 ratings currently assigned to the notes, Standard & Poor's said. -- CreditWire
 
     OUTSTANDING RATINGS PLACED ON CREDITWATCH NEGATIVE
     CHYPS CBO 1999-1 Ltd./CHYPS CBO 1999-1 (Delaware) Corp.
     Class    Current Balance              Rating
                                     To             From
     A-3A     $41 million         A-/Watch Neg        A-
     A-3B     $14.851 million     A-/Watch Neg        A-
 
     OUTSTANDING RATINGS AFFIRMED
     CHYPS CBO 1999-1 Ltd./CHYPS CBO 1999-1 (Delaware) Corp.
     Class    Current Balance       Rating
     A-1L     $54.375 million       AAA
     A-1      $83 million           AAA
     A-2      $97 million           AAA
 
 

SOURCE Standard & Poor's
    NEW YORK, April 19 /PRNewswire/ -- Standard & Poor's today placed its
 single-'A'-minus ratings on the class A-3A and class A-3B notes issued by
 CHYPS CBO 1999-1 Ltd. and co-issued by CHYPS CBO 1999-1 (Delaware) Corp. on
 CreditWatch with negative implications.  Concurrently, the triple-'A' ratings
 are affirmed on the class A-1L notes, class A-1 notes, and class A-2 notes.
 Based on a financial guarantee insurance policy issued by Financial Security
 Assurance Inc. the triple-'A' ratings are unaffected by the CreditWatch
 placements (see list).
     These CreditWatch placements reflect asset defaults within the collateral
 pool, and a downward migration in the credit quality of some of the performing
 assets.  Of the assets currently held within the collateral pool, $14 million
 (or approximately 4.25%)come from obligors rated 'D' by Standard & Poor's, and
 another $5.250 million of the assets within the collateral pool come from
 obligors rated double-'C' which are currently on CreditWatch negative.
     As a result of the defaulted assets, the required overcollateralization
 tests for the transaction are currently out of compliance.  As of the April 2,
 2001 monthly report, the class A overcollateralization ratio was at 112.28%,
 versus its required minimum level of 114%.  An overcollateralization test for
 a subordinate tranche not rated by Standard & Poor's was also out of
 compliance: the class B overcollateralization test, with a calculated level of
 101.11%, versus its required minimum level of 104%.
     Standard & Poor's will be reviewing the results of current cash flow runs
 generated for the transaction in order to evaluate the effect of the defaults
 and the deterioration in credit quality within the collateral pool on the
 ratings currently assigned to the notes, Standard & Poor's said. -- CreditWire
 
     OUTSTANDING RATINGS PLACED ON CREDITWATCH NEGATIVE
     CHYPS CBO 1999-1 Ltd./CHYPS CBO 1999-1 (Delaware) Corp.
     Class    Current Balance              Rating
                                     To             From
     A-3A     $41 million         A-/Watch Neg        A-
     A-3B     $14.851 million     A-/Watch Neg        A-
 
     OUTSTANDING RATINGS AFFIRMED
     CHYPS CBO 1999-1 Ltd./CHYPS CBO 1999-1 (Delaware) Corp.
     Class    Current Balance       Rating
     A-1L     $54.375 million       AAA
     A-1      $83 million           AAA
     A-2      $97 million           AAA
 
 SOURCE  Standard & Poor's