In The Marketplace

As of March 31, 2004, total delinquencies more than 30 days past due fell nine basis points (bps), or 5% from the fourth quarter of 2003 to reach 1.79%. Moderate monthly volatility during the quarter pushed the 3-month moving average up 12 bps to 2.02% as the 12 month moving average fell to 2.57%. In addition to highlighting the delinquency index, Fitch's “ABS Equipment Expo” newsletter features results from Fitch's Financial Institutions Group's Finance Company Capital Standards' report, a summary of Fitch-rated equipment ABS upgrades and an “Investor Roundtable” that discusses rating securitizations backed by operating lease assets. All public and 144A Fitch-rated ABS equipment lease transactions since December 1997 are included in Fitch's index, which now tracks the performance of 103 transactions over a 76-month period. “The ABS Equipment Expo” is a publication that follows equipment lease ABS performance, industry trends and developments within the securitization market. Both current and historical editions of the newsletter are available on the Fitch Ratings Web site at www.fitchratings.com.

RELCO Finance, Inc. of Minooka, IL an affiliate company of RELCO Locomotives, Inc., has announced the acquisition of the locomotive leasing division of Joseph Transportation Services Inc. The transaction includes all but one of Joseph Transportation's locomotive operating leases in the United States. Also included as a part of the transaction were an undisclosed number of Joseph's non-leased locomotive assets. The leases, many of which include full-maintenance provisions, will be managed out of RELCO's corporate headquarters.

Smith Debnam Narron Wyche Saintsing & Myers, L.L.P. of Raleigh, NC has announced that Thomas A. Gray is now associated with the Raleigh law firm. Gray, who relocated from the Boston area, will work within the firm's creditors' rights section, primarily focusing on construction law, equipment leasing and finance, and commercial creditor bankruptcy law.

Bank of America of Charlotte, NC has named Doug Bowers to lead its Bank of America Leasing business. He will be responsible for leading the company's leasing businesses worldwide, continuing to build its direct lease originations efforts in middle market, large corporate, vendor, corporate air, municipal, health care and small business. Most recently, Bowers was managing director of the Bank of America Leasing and Capital Group and responsible for the company's wholesale leasing businesses. He will be based in Charlotte.

Bernstein Law Firm of Pittsburgh has announced that Christopher Boback has joined the firm as an associate attorney. He will focus on commercial and retail collection litigation and bankruptcy.

Fairfield Capital Services, LLC (FCS) of New Canaan, CT has been formed by Dana Pasternak, a 30-year veteran of the equipment leasing, commercial finance, and investment banking industries. FCS is a financial services company that will provide financial advisory and capital raising services to middle-market ($50 to $500 million in annual revenues) and highly leveraged companies. The target markets for FCS will consist of:

• Issuers ' companies borrowing on a secured basis and having annual revenues in the range of $50 to $500 million;
• Leasing/Finance Companies ' agreements, or portfolios thereof, and not having the internal resources to do so; and
• Vendors ' manufacturers of capital equipment who require a customer financing source to assist in the growth of their businesses.

Fitch, Inc. of New York has released its first-quarter 2004, Fitch Ratings' U.S. equipment lease asset-backed securities (ABS) delinquency index, which reached another record low, according to the latest edition of “The ABS Equipment Expo.”

As of March 31, 2004, total delinquencies more than 30 days past due fell nine basis points (bps), or 5% from the fourth quarter of 2003 to reach 1.79%. Moderate monthly volatility during the quarter pushed the 3-month moving average up 12 bps to 2.02% as the 12 month moving average fell to 2.57%. In addition to highlighting the delinquency index, Fitch's “ABS Equipment Expo” newsletter features results from Fitch's Financial Institutions Group's Finance Company Capital Standards' report, a summary of Fitch-rated equipment ABS upgrades and an “Investor Roundtable” that discusses rating securitizations backed by operating lease assets. All public and 144A Fitch-rated ABS equipment lease transactions since December 1997 are included in Fitch's index, which now tracks the performance of 103 transactions over a 76-month period. “The ABS Equipment Expo” is a publication that follows equipment lease ABS performance, industry trends and developments within the securitization market. Both current and historical editions of the newsletter are available on the Fitch Ratings Web site at www.fitchratings.com.

RELCO Finance, Inc. of Minooka, IL an affiliate company of RELCO Locomotives, Inc., has announced the acquisition of the locomotive leasing division of Joseph Transportation Services Inc. The transaction includes all but one of Joseph Transportation's locomotive operating leases in the United States. Also included as a part of the transaction were an undisclosed number of Joseph's non-leased locomotive assets. The leases, many of which include full-maintenance provisions, will be managed out of RELCO's corporate headquarters.

Smith Debnam Narron Wyche Saintsing & Myers, L.L.P. of Raleigh, NC has announced that Thomas A. Gray is now associated with the Raleigh law firm. Gray, who relocated from the Boston area, will work within the firm's creditors' rights section, primarily focusing on construction law, equipment leasing and finance, and commercial creditor bankruptcy law.