S&P Asgns Prelim Rtg to Honda Auto Rec 2001-2 Owr Tr

    NEW YORK--Standard & Poor's--July 18, 2001--Standard & Poor's today assigned its preliminary ratings to Honda Auto Receivables 2001-2 Owner Trust's $1,574,000,000 asset-backed notes (see list).
    The preliminary ratings are based on information as of July 17, 2001. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect the credit enhancement provided by unrated subordinate certificates, a reserve fund, and excess spread; the expected good performance from a high-quality, prime pool of loans, of which 90% are for new vehicles; a yield supplement account available to increase the yield on underwater loans with interest rates lower than the combined costs of debt and servicing; and a sound legal structure.
    A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said.---CreditWire

PRELIMINARY RATINGS ASSIGNED
Honda Auto Receivables 2001-2 Owner Trust
Class                               Rating             Amount ($)
A-1                                 A-1+              440,000,000
A-2                                 AAA               410,000,000
A-3                                 AAA               552,000,000
A-4                                 AAA               204,000,000