A review for possible downgrade of the government of Japan's domestic currency rating by Moody's Investors Service decision will not affect any domestic or cross-border asset-backed transactions, except for two outstanding transactions with direct ties to the Japanese government.

Moody's placed under review for possible downgrade the Aaa rating of 66.6 billion ($600 million) of notes issued by Kris (Cayman Islands) One Ltd. due in 2004, and the Aa1 rating of 10 billion of notes issued by Delphinium Funding Corp. due in 2004.

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