S&P Assigns AAA Ratings to Hitachi Capital 3.5 Billion Yen ABS Certificates

    TOKYO, Feb. 15 Standard & Poor's today assigned its
triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 12 class
1-10 certificates (see list below).
    Standard & Poor's ratings address the full and timely payment of interest
and the full repayment of principal by the legal final maturity date of May
2006.  The JPY3.5 billion trust certificates are backed by a pool of about
JPY3.61 billion of auto loan receivables originated by Hitachi Capital Corp.
(A+/Negative/A-1) and entrusted to Toyo Trust & Banking Co. Ltd. Hitachi
Capital is a leading finance company in Japan, and a group company of Hitachi
Ltd., an integrated electronics maker in Japan.
    The ratings are based on:
    -- Overcollateralization of about JPY109 million of auto loan receivables,
       representing about 3% of the pool balance;
    -- A cash reserve funded at closing with about JPY54 million;
    -- Redemption alteration events that will convert principal redemption to
       a pass-through structure under certain adverse circumstances;
    -- Monthly advances by the servicer of scheduled auto loan contract
       payments and additional advances of stressed estimated principal
       prepayments if the servicer's rating is lowered below 'A-1'; and
    -- An excellent record of historical losses.

    Hitachi Capital is planning to securitize newly originated auto loan
receivables every month using the same structure.  This transaction marks the
12th series of such trust certificates backed by Hitachi Capital's auto loan
receivables, Standard & Poor's said. -- CreditWire

    RATINGS ASSIGNED
    Auto Loan Trust Series 12 JPY3.5 billion certificates due May 2006

    Class     Amount                    Expected Maturity         Rating
    Class 1   JPY660 mil 0.55% certs    Aug. 2001                 AAA
    Class 2   JPY480 mil 0.55% certs    Feb. 2002                 AAA
    Class 3   JPY430 mil 0.46% certs    Aug. 2002                 AAA
    Class 4   JPY390 mil 0.49% certs    Feb. 2003                 AAA
    Class 5   JPY320 mil 0.60% certs    Aug. 2003                 AAA
    Class 6   JPY260 mil 0.67% certs    Feb. 2004                 AAA
    Class 7   JPY150 mil 0.75% certs    Aug. 2004                 AAA
    Class 8   JPY120 mil 0.86% certs    Feb. 2005                 AAA
    Class 9   JPY80  mil 0.97% certs    Aug. 2005                 AAA
    Class 10  JPY610 mil 0.75% certs    Semiannual pass through   AAA