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Rating Action:

MOODY'S DOWNGRADED 1 CLASS OF AMRESCO'S FRANCHISE LOAN SECURITIZATIONS AND REMOVED FROM REVIEW FOR POSSIBLE DOWNGRADE AND CONFIRMED THE RATINGS OF 28 OTHER CLASSES

06 Dec 2001
MOODY'S DOWNGRADED 1 CLASS OF AMRESCO'S FRANCHISE LOAN SECURITIZATIONS AND REMOVED FROM REVIEW FOR POSSIBLE DOWNGRADE AND CONFIRMED THE RATINGS OF 28 OTHER CLASSES Moody's Investors Service downgraded 1class of Amresco's franchise loan securitizations and kept it on review for possible further downgrade. Moody's also removed from review for possible downgrade and confirmed the ratings of 28 classes of Amresco's franchise loan securitizations. The complete rating actions are as follows:


COMPLETE RATING ACTION


Issuer: ACLC Business Loan Receivables Trust 1999-1

$17,672,000 8.095% Business Loan Receivables Notes, Class C, downgraded to A3 from A2, on review for possible downgrade


Removed from review for possible downgrade:


Issuer: ACLC Franchise Loan Receivables Trust 1998-A

$37,000,000 5.665% Class A-1-A Notes, Rated Aaa

$11,000,000 6.050% Class A-1-B Notes, Rated Aaa

$46,464,000 6.345% Class A-1-C Notes, Rated Aaa

$ 8,064,000 6.400% Class A-2 Notes, Rated Aa2

$11,520,000 6.645% Class A-3 Notes, Rated A2


Issuer: ACLC Business Loan Receivables Trust 1998-2

$51,000,000 5.900% Class A-1 Notes, Rated Aaa

$10,000,000 6.326% Class A-2 Notes, Rated Aaa

$62,798,000 6.686% Class A-3 Notes, Rated Aaa

$13,154,000 6.850% Class B Notes, Rated Aa2

$16,248,000 7.390% Class C Notes, Rated A2


Issuer: ACLC Business Loan Receivables Trust 1999-1

$ 64,000,000 6.516% Class A-1 Notes, Rated Aaa

$ 19,000,000 6.940% Class A-2 Notes, Rated Aaa

$100,347,000 7.385% Class A-3 Notes, Rated Aaa

$ 17,672,000 7.710% Class B Notes, Rated Aa2


Issuer: ACLC Business Loan Receivables Trust 1999-2

$125,000,000 7.195% Class A-1 Notes, rated Aaa

$ 54,000,000 7.585% Class A-2 Notes, rated Aaa

$ 23,200,000 7.930% Class A-3F Notes, rated Aaa

$ 80,000,000 Adjustable Rate Class A-3A Notes, rated Aaa

$ 25,500,000 8.745% Class B Notes, rated Aa2

$ 5,100,000 9.000% Class C Notes, rated Aa3

$ 20,400,000 9.350% Class D Notes, rated A2


Issuer: ACLC Business Loan Receivables Trust 2000-1

$61,800,000 7.595% Class A-1 Notes, rated Aaa

$28,600,000 7.830% Class A-2 Notes, rated Aaa

$15,300,000 8.030% Class A-3F Notes, rated Aaa

$68,600,000 Adjustable Rate Notes Class A-3A Notes, rated Aaa

$16,275,000 8.390% Class B Notes, rated Aa2

$ 5,250,000 8.630% Class C Notes, rated Aa3

$13,650,000 8.870% Class D Notes, rated A2


According to Shorie Afshar, a senior credit officer in Moody's asset finance group, the downgrade of Class C notes of the 1999-1 Series is the result of steeply rising delinquencies and defaults in the deal. While Moody's considered the recoveries made to date on defaulted loans, the existing and potential future defaults were no longer consistent with the original ratings assigned to the affected notes. The Class C notes of Series 1999-1 will remain on review for further possible downgrade due to uncertainties surrounding potential future defaults and recoveries on defaulted loans. Afshar further stated that the other 28 classes of notes were removed from review for downgrade because of sufficient credit support, even after considering the recent uptick in defaults and delinquencies.


AMRESCO Inc. ("AI") filed for bankruptcy on July 2, 2001. AMRESCO Commercial Finance, Inc. (ACFI), a franchise lender, and AMRESCO Independence Funding, Inc. (AIFI), the SBA lender, are the operating subsidiaries of AI that were not included in the bankruptcy filing. ACFI is the parent to the above listed bankruptcy remote issuers, and the servicer of the underlying collateral loans. The warehouse lines financing ACFI's activities were expiring in July 2001. Consequently, on July 3, 2001, Moody's placed 29 classes of AI's franchise loans on review for possible downgrade due to the associated uncertainties about how the bankruptcy may impact franchise loan securitized pools and the servicer's warehouse financing.


In conjunction with AI's bankruptcy filing, the company reported that it has entered into an asset purchase agreement with a consortium of lenders, including Goldman Sachs Mortgage Company. In late November 2001, the bankruptcy court approved the sale of most of AI's assets to the consortium. ACFI had previously obtained $175 million in warehouse financing from an affiliate of the consortium with the approval of the bankruptcy court. Moody's will continue reviewing all ACFI's transactions.


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