S&P Asgns Prelim Rtigs to Hitachi Capital's ABS Certs

    TOKYO--Standard & Poor's CreditWire--June 8, 2001--Standard & Poor's today assigned its preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 16 JPY2.68 billion class 1-10 certificates (see list below).
    The preliminary ratings are based on information as of June 8, 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 September 2006. The JPY2.68 billion trust certificates are backed by a pool of about JPY2.76 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 JPY85 million of auto loan receivables, representing about 3% of the pool balance;
--	A cash reserve to be funded at closing with about JPY42 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 16th series of such trust certificates backed by Hitachi Capital's auto loan receivables. --CreditWire

PRELIMINARY RATINGS ASSIGNED
Auto Loan Trust Series 16 JPY2.68 billion certificates due September 
2006
Class    Amount                  Expected Maturity        Rating
Class 1  JPY560 mil 0.16% certs  Dec. 2001                AAA
Class 2  JPY330 mil 0.18%certs   June 2002                AAA
Class 3  JPY360 mil 0.20% certs  Dec. 2002                AAA
Class 4  JPY260 mil 0.22% certs  June 2003                AAA
Class 5  JPY260 mil 0.28% certs  Dec. 2003                AAA
Class 6  JPY170 mil 0.33% certs  June 2004                AAA
Class 7  JPY130 mil 0.41% certs  Dec. 2004                AAA
Class 8  JPY80 mil 0.50% certs   June 2005                AAA
Class 9  JPY70 mil 0.60% certs   Dec. 2005                AAA
Class 10 JPY460 mil 0.38% certs  Semiannual pass through  AAA