S&PCORRECT: Hitachi Capital ABS Certificates Assigned Preliminary Ratings

    TOKYO, Aug. 8 Editor's Note: The ratings list at the end
of this press release, originally published Aug. 8, 2001, misstated the
expected maturity dates for certificate classes 3-9. A corrected version
follows.)

    Standard & Poor's today assigned its preliminary triple-'A' ratings to
Hitachi Capital Corp.'s Auto Loan Trust Series 18 JPY2.54 billion class 1-10
certificates (see list below).
    The preliminary ratings are based on information as of Aug. 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
November 2006. The JPY2.54 billion trust certificates are backed by a pool of
about JPY2.62 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 JPY78.7 million of auto loan
       receivables, representing about 3% of the pool balance;
    -- A cash reserve to be funded at closing with about JPY39.3 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
18th series of such trust certificates backed by Hitachi Capital's auto loan
receivables.

    PRELIMINARY RATINGS ASSIGNED
    Auto Loan Trust Series 18 JPY2.54 billion certificates due November 2006
    Class    Amount                Expected Maturity        Rating
    Class 1  JPY500 mil 0.17% certs  Feb. 2002                 AAA
    Class 2  JPY340 mil 0.18%certs   Aug. 2002                 AAA
    Class 3  JPY310 mil 0.22% certs  Feb. 2003                 AAA
    Class 4  JPY270 mil 0.25% certs  Aug. 2003                 AAA
    Class 5  JPY220 mil 0.30% certs  Feb. 2004                 AAA
    Class 6  JPY170 mil 0.35% certs  Aug. 2004                 AAA
    Class 7  JPY100 mil 0.43% certs  Feb. 2005                 AAA
    Class 8  JPY80 mil 0.51% certs   Aug. 2005                 AAA
    Class 9  JPY60 mil 0.60% certs   Feb. 2006                 AAA
    Class 10 JPY490 mil 0.39% certs  Semiannual pass through   AAA