Fitch Upgrades Chase Manhattan Auto Owner Trust Transactions

Fitch Ratings upgrades five classes of five Chase Manhattan Auto Owner Trust transactions. The upgrades are as follows:

Chase Manhattan Auto Owner Trust 2002-B

-- Certificates to 'AAA' from 'AA';

Chase Manhattan Auto Owner Trust 2003-A

-- Certificates to 'AAA' from 'AA';

Chase Manhattan Auto Owner Trust 2003-B

-- Certificates to 'AAA' from 'AA';

Chase Manhattan Auto Owner Trust 2003-C

-- Certificates to 'AA' from 'A+';

Chase Manhattan Auto Owner Trust 2004-A

-- Certificates to 'AA' from 'A+'.

The rating upgrades are a result of increased available credit enhancement in excess of stressed remaining losses. Current principal allocation and expected future cashflows are also contributing factors.

The collateral continues to perform within Fitch's base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the upgraded rating categories and still make full payments of interest and principal in accordance with the terms of the documents.

As before, the ratings reflect the quality of Chase Manhattan Bank USA, NA's (Chase) retail auto loan originations, the sound financial and legal structure of the transaction, and servicing provided by Chase.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.