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Rating Action:

CORRECTION TO TEXT: MOODY'S DOWNGRADES DVI FINANCIAL'S MEDICAL EQUIPMENT LEASE SECURITIZATIONS; SECURITIES REMAIN ON REVIEW FOR FURTHER POSSIBLE DOWNGRADES

11 Sep 2003
CORRECTION TO TEXT: MOODY'S DOWNGRADES DVI FINANCIAL'S MEDICAL EQUIPMENT LEASE SECURITIZATIONS; SECURITIES REMAIN ON REVIEW FOR FURTHER POSSIBLE DOWNGRADES Moody's Investors Service downgraded 50 classes of notes issued in nine medical equipment lease securitizations by DVI Financial Services, Inc. (DVI). All of the notes remain under review for possible further downgrade.


The rating actions reflect a greater likelihood of deterioration in the performance of the transactions in terms of both higher losses and lower recoveries caused by the heightened financial distress of DVI and, as a result, uncertainty with respect to the quality of servicing. In addition, late stage delinquencies have increased in some transactions.


DVI reported that it lost its sources of liquidity in July 2003, was unable to continue regular loan and lease origination activity, and consequently filed for Chapter 11 bankruptcy protection on August 25, 2003. Subsequent to the filing, DVI announced the proposed sale of all of its unencumbered assets and laid off nearly one-third of its work force. These adverse developments raise questions about DVI's future effectiveness as servicer of the transactions.


DVI's bankruptcy filing gives the noteholders the right to transfer the servicing of the transactions to U.S. Bank NA, the back-up servicer. U.S. Bank informed Moody's that it is prepared to take over servicing of all deals. However, if the servicing is not transferred in the foreseeable future, a prolonged exposure of the transactions to an inadequate level of servicing could result in a significant deterioration of the deals' performance. The uncertainty or timeliness of a servicing transfer and quality of current servicing in either a reorganization or liquidation scenario places downward pressure on the collateral performance.


The ratings actions are also based on the increased amounts of late stage delinquencies in some of the deals. In the absence of adequate servicing, these delinquent receivables are likely to default in the near future. In addition, some deals carry substantial amounts of unreimbursed servicer advances. Reimbursement of these advances, to the extent the receivables are not recoverable from the lease obligors, will be made before interest and principal payments to the noteholders. Therefore, unreimbursed advances represent an additional demand on cash that could otherwise be used to make interest and principal payments on the notes.


Moody's also believes that the future recovery rates on repossessed equipment may be significantly lower than those achieved in the past. In rating DVI's securitization transactions, Moody's assumed that DVI's historical rate of recovery of 70% to 80% would deteriorate sharply if the company became severely financially distressed. Therefore, the assumed rate was a blend of the historical recovery rate and the severely distressed recovery rate, weighted by DVI's probability of default (representing the likelihood of severe financial distress), implied by its senior unsecured debt rating. Now that DVI has defaulted and has entered a period of severe servicing and collections stress, the weight on the stressed recovery rate has risen to 100%, resulting in significantly lower projected recovery rates than those used in the initial ratings. The lower recoveries also contribute to higher cumulative net losses projected for the deals.


In its rating action, Moody's considered the differences in performance of the outstanding transactions. Hence, the magnitude of the downgrades is not equal across all deals. In addition, Moody's did not downgrade the more senior tranches of the Class A securities; because of the sequential pay structure within the class, these tranches are protected by a large amount of credit enhancement.


The notes remain under review for potential downgrade. Moody's review will focus on the outcome of the sale of DVI's assets and on the ability of the buyer to service the highly specialized receivables of DVI effectively. If the sale of the assets is not accomplished, the review would concentrate on the timeliness of the servicing transfer to U.S. Bank, as well as on the quality of servicing and the level of recoveries on repossessed equipment. In addition, Moody's will continue monitoring deal performance, especially with respect to delinquencies, defaults, recovery rates and monthly cash collections. Depending on the results of its review, Moody's may decide that additional downgrades of the notes are warranted. Because of the high level of uncertainty surrounding DVI's bankruptcy, the magnitude of these downgrades could be significant.


The complete rating actions are as follows:


Issuer: DVI Receivables VIII, L.L.C., Series 1999-1

$25,781,372 Class A-5 Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$439,691 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$880,381 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$586,254 Class D Lease-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$734,818 Class E Lease-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables X, L.L.C., Series 1999-2

$46,957,986 Class A-4 Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$800,773 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$1,600,545 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$1,067,363 Class D Lease-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$1,333,954 Class E Lease-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XI, L.L.C., Series 2000-1

$66,260,734 Class A-4 Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$1,128,518 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$2,258,036 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$1,505,358 Class D Asset-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$1,882,197 Class E Asset-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XII, L.L.C., Series 2000-2

$76,842,342 Class A-4 Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$1,309,625 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$2,619,250 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$1,746,166 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$2,182,709 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XIV, L.L.C., Series 2001-1

$9,862,137 Class A-3 Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$107,180,000 Class A-4 Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$1,996,524 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$3,988,957 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$2,659,305 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$3,326,177 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XVI, L.L.C., Series 2001-2

$59,767,369 Class A-3 Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$134,536,000 Class A-4 Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$3,310,038 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$6,625,217 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$4,415,098 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$5,520,157 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XVII, L.L.C., Series 2002-1

$193,115,337 Class A-3A Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$72,241,189 Class A-3B Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$4,522,384 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$9,044,768 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$6,027,635 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$7,539,517 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XVIII, L.L.C., Series 2002-2

$22,927,265 Class A-2A Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$22,927,265 Class A-2B Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$199,200,000 Class A-3A Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$86,000,000 Class A-3B Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$5,646,118 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$11,284,101 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$7,525,446 Class D Asset-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$9,404,773 Class E Asset-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XIX, L.L.C., Series 2003-1

$49,734,342 Class A-1 Asset-Backed Notes, rated P-1, under review for possible downgrade;

$25,200,000 Class A-2A Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$27,000,000 Class A-2B Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$229,620,000 Class A-3A Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$32,000,000 Class A-3B Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$16,036,251 Class B Asset-Backed Notes, downgraded to A3 from Aa2, under review for possible downgrade;

$5,411,410 Class C-1 Asset-Backed Notes, downgraded to Baa2 from A1, under review for possible downgrade;

$8,484,789 Class C-2 Asset-Backed Notes, downgraded to Baa2 from A1, under review for possible downgrade;

$5,977,062 Class D-1 Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$4,713,772 Class D-2 Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$8,805,325 Class E-1 Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade;

$1,885,509 Class E-2 Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


THE COMPANY

DVI, Inc., headquartered in Jamison, Pennsylvania, is an independent finance company. DVI reports its total managed assets of $3.1 billion as of March 30, 2003. DVI's senior unsecured debt is currently rated C.


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