S&P Asgns Prlm Rtgs in GMAC-RFC’s Latest UK RMBS Deal

S&P Asgns Prlm Rtgs in GMAC-RFC’s Latest UK RMBS Deal

Business Editors

LONDON–(BUSINESS WIRE)–Sept. 5, 2003

Standard & Poor’s–Standard & Poor’s Ratings Services said today that it assigned its preliminary credit ratings to the mortgage-backed floating-rate notes to be issued by RMAC 2003-NS3 PLC, an SPE (see list below).

The notes are backed by a pool of first-ranking mortgages secured over freehold and leasehold properties located in England, Wales, Northern Ireland, and Scotland. The mortgages were originated by GMAC-RFC Ltd., which was formed by GMAC Residential Funding Corp., an indirect, wholly owned subsidiary of General Motors Acceptance Corp. (GMAC), itself a wholly owned subsidiary of General Motors Corp.

The ratings reflect the sound payment structure and cash flow mechanics of the transaction. The ratings also reflect the support in the form of a financial guarantee provided to the class A1, A2, and A3 notes by Ambac Assurance UK Ltd. (AAA/Stable/–). The guarantee addresses the financial ability of the issuer to meet full and timely payment of interest and ultimate payment of principal on the notes in their respective currency.

The full presale report for this transaction was published today and is available to subscribers of RatingsDirect, Standard & Poor’s Web-based credit analysis system, at www.ratingsdirect.com. The presale report can also be found on Standard & Poor’s Web site at www.standardandpoors.com. Click on Credit Ratings in the left navigation bar; then, under Browse by Sector, select Structured Finance; scroll down to Presale Credit Reports to locate the article. Alternatively, call one of Standard & Poor’s Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; or Stockholm (46) 8-440-5916. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com.

RATINGS LIST

RMAC 2003-NS3 PLC

GBP500 Million (Equivalent) Mortgage-Backed Floating-Rate Notes

Class Preliminary rating Preliminary amount (Mil. EUR)

A1a AAA (a)165

A1b AAA

A2a AAA (a)285

A2b AAA

A2c AAA

A3 AAA (a)50

A3 DAC AAA

C N.R.

(a) Figures are given for the whole tranche. The currency divide between classes is not available. Class A1a, A2a, and A3 will be denominated in British pounds sterling, class A1b and A2c in U.S. dollars, and class A2b in euros. N.R.–Not rated.

ANALYST E-MAIL ADDRESSES

alexandra_gropp@standardandpoors.com

StructuredFinanceEurope@standardandpoors.com

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