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Business Editors
NEW YORK--(BUSINESS WIRE)--July 16, 2003
Standard & Poor's Ratings Services today assigned its preliminary ratings to John Deere Owner Trust 2003's $750.15 million receivable-backed notes series 2003 (see list).
The preliminary ratings are based on information as of July 16, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
The preliminary ratings reflect credit enhancement in the form of 2.00% subordination (to the class A notes), 1.00% unrated certificates, a reserve account fully funded at 1.75% of the initial pool balance, and excess spread. In addition to this credit enhancement, Standard & Poor's also bases the preliminary ratings on more than 10 years of performance data obtained from John Deere Capital Corp., the solid credit ...