Last week Moody's Investors Service placed several classes from Budget Group's Team Fleet Financing Corp. deals on review for downgrade, expressing a lack of confidence in the resale value of the "medium-duty" trucks, which make up 25% of the 1997 transaction, and 31.5% of the pool backing the 1998 and 1999 transactions, the rating agency said.

According to sources, while trucks show up in other issuers' deals, the exposures are dramatically lower than in Budget's fleet ABS.

Budget's deals are still expected to enter early amortization and should begin paying down once the automatic stay period is lifted and the company can begin selling vehicles. Budget had up to 60 days from its Chapter 11 bankruptcy filing (July 29) before the stay is lifted, but this is ultimately at the discretion of the bankruptcy court, which could extend the window.

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