S&P Asgns Prlm Rtgs to HitachiCapital Ser20 ABS Certs

    TOKYO--Standard & Poor's--Oct. 9, 2001--Standard & Poor's today assigned its preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust series 20 JPY2.01 billion class 1-9 certificates (see list below).
    The preliminary ratings are based on information as of Oct. 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 January 2007. The JPY2.01 billion trust certificates are backed by a pool of about JPY2.08 billion of auto loan receivables originated by Hitachi Capital Corp. (A+/WatchNeg/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 JPY71.4 million of auto loan receivables, representing about 3% of the pool balance;
--	A cash reserve to be funded at closing with about JPY31.2 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 20th series of such trust certificates backed by Hitachi Capital's auto loan receivables.

    PRELIMINARY RATINGS ASSIGNED
    Auto Loan Trust Series 20 JPY2.01 billion certificates due January 2007


Class         Amount               Expected Maturity        Rating
Class 1  JPY390 mil 0.16% certs      Apr. 2002                AAA
Class 2  JPY270 mil 0.16%certs       Oct. 2002                AAA
Class 3  JPY250 mil 0.20% certs      Apr. 2003                AAA
Class 4  JPY220 mil 0.24% certs      Oct. 2003                AAA
Class 5  JPY170 mil 0.30% certs      Apr. 2004                AAA
Class 6  JPY140 mil 0.36% certs      Oct. 2004                AAA
Class 7  JPY80 mil 0.45% certs       Apr. 2005                AAA
Class 8  JPY60 mil 0.55% certs       Oct. 2005                AAA
Class 9  JPY430 mil 0.39% certs      Semiannual pass through  AAA