DBRS Rates M&I Auto Loan Trust 2005-1

Dominion Bond Rating Service (“DBRS”) has today assigned ratings to M&I Auto Loan Trust 2005-1 transaction as noted above.

This transaction represents M&I Marshall & Ilsley Bank’s fourth public securitization of motor vehicle receivables. The motor vehicle loans are originated and serviced by M&I Bank. The receivables were purchased from motor vehicle dealers located in smaller urban communities and are secured by new and used automobiles and light trucks. M&I Bank has provided indirect retail vehicle financing through M&I Dealer Finance (“Dealer Finance”) over the past 15 years and concentrates on purchasing prime borrower retail installment contracts. The following factors were considered in arriving at the respective ratings:

(1) Strong delinquency and loss performance of M&I Bank’s managed portfolio and prior securitizations.
(2) The transaction’s total credit enhancement is expected to cover several multiples of DBRS’s conservative base case net loss assumption.
(3) Improved borrower credit quality and overall portfolio performance mitigate additional risk from longer term contracts.
(4) While still heavily concentrated in Wisconsin (37.93% vs. 46% in 2003-1), the pool of auto loans securing the 2005-1 transaction are relatively more geographically diverse as M&I Bank has increased its market share in other states.
(5) Loans to finance used vehicles represent 57.09% of the aggregate pool. Recovery values of repossessed vehicles, especially older used vehicles, may vary with economic conditions as well as market conditions.
(6) Approximately 90% of the total receivable balance has a FICO in the prime category.