Mitsubishi Motors Credit Trust Rated `AAA' By Fitch

    NEW YORK--April 18, 2001--Fitch rates MMCA Auto Owner Trust 2001- 1's $140 million 4.6363% class A-1 notes `F1+', the $165 million floating-rate class A-2, $350 million floating-rate class A-3 and $193.022 million 5.34% class A-4 notes `AAA', and the $64.1 million 6.19% class B notes `A'.
    The Trust also issued $73,955,367.36 in certificates that are not publicly offered and are not rated.
    The ratings on the notes are based on initial credit enhancement equal to 15.00% for the class A notes (14.00% in subordination and 1.00% initial reserve account deposit), and 8.50% for the class B notes (7.50% subordination and 1 % reserve account), the total yield supplement overcollateralization amount, the yield supplement account, the availability of excess spread to build the reserve account to its target of 2.25%, the terms of the interest rate swaps and the strength of Merrill Lynch Capital Services, Inc. as swap counterparty. The ratings also reflect the transaction's sound legal structure and the high quality of the retail auto receivables originated and serviced by Mitsubishi Motors Credit of America, Inc. (MMCA).
    The 2001-1 transaction, which represents the ninth securitization offered by MMCA, is backed by a pool of prime automobile loans secured by new and used automobiles and light-duty trucks and vans. As in the two previous securitizations, the collateral includes retail level pay loans (90.26%), balloon loans (9.74%) and deferred payment loans (35.53%). Fitch's ratings address the likelihood of full and timely payment of interest and ultimate payment of principal by the legal final distribution date of each class.
    MMCA, a wholly owned subsidiary of Mitsubishi Motors Sales of America, Inc., primarily provides retail and wholesale financing, retail leasing and other financial services to authorized dealers of Mitsubishi Motors vehicles and their customers. MMCA's managed auto receivables totaled $4.5 billion as of Dec. 31, 2000 compared with $2.4 billion as of Dec. 31, 1999.
    For a detailed analysis of this transaction, refer to Fitch's presale research report on `MMCA Auto Owner Trust 2001-1' available on Fitch's web site at www.fitchratings.com.