S&P Assigns Preliminary Ratings to Hitachi Capital JPY3.9B Certificates

    TOKYO, May 9 Standard & Poor's today assigned its
preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust
Series 15 class 1-10 certificates (see list below).
    The preliminary ratings are based on information as of May 9, 2001.
Subsequent information may result in final ratings that differ from the
preliminary ratings.
    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 August
2006.  The JPY3.95 billion trust certificates are backed by a pool of about
JPY4.07 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 preliminary ratings are based on:

    -- Overcollateralization of about JPY128 million of auto loan receivables,
       representing about 3% of the pool balance;
    -- A cash reserve to be funded at closing with about JPY61 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 will be
the 15th series of such trust certificates backed by Hitachi Capital's auto
loan receivables, Standard & Poor's said. -- CreditWire

    PRELIMINARY RATINGS ASSIGNED
    Auto Loan Trust Series 15 JPY3.95 billion certificates due August 2006
    Class    Amount                Expected Maturity        Rating
    Class 1  JPY760 mil 0.17% certs  Nov. 2001                AAA
    Class 2  JPY530 mil 0.19% certs  May 2002                 AAA
    Class 3  JPY500 mil 0.21% certs  Nov. 2002                AAA
    Class 4  JPY440 mil 0.26% certs  May 2003                 AAA
    Class 5  JPY360 mil 0.32% certs  Nov. 2003                AAA
    Class 6  JPY280 mil 0.39% certs  May 2004                 AAA
    Class 7  JPY170 mil 0.48% certs  Nov. 2004                AAA
    Class 8  JPY140 mil 0.58% certs  May 2005                 AAA
    Class 9  JPY100 mil 0.69% certs  Nov. 2005                AAA
    Class 10 JPY670 mil 0.42% certs  Semiannual pass through  AAA