S&P Asgns Prlm Rtgs to HitachiCapital Ser21 ABS Certs

    TOKYO--Nov. 8, 2001--Standard & Poor's--Standard & Poor's today assigned its preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 21 JPY1.95 billion class 1-9 certificates (see list below).
    The preliminary ratings are based on information as of Nov. 8, 2001. Subsequent information may result in final ratings that differ from the preliminary ratings.
    Standard & Poor's preliminary ratings address the full and timely payment of interest and the full repayment of principal by the legal final maturity date of February 2007.
    The JPY1.95 billion trust certificates are backed by a pool of about JPY2.02 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 JPY65.5 million of auto loan
        receivables, representing about 3.25% of the pool balance;

	   --  A cash reserve to be funded at closing with about JPY30.2
        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 marks the 21st series of such trust certificates backed by Hitachi Capital's auto loan receivables.

    PRELIMINARY RATINGS ASSIGNED

    Auto Loan Trust Series 21 JPY1.95 billion certificates due February 2007

Class    Amount                 Expected Maturity       Rating
Class 1  JPY370 mil 0.15% certs   May 2002                AAA
Class 2  JPY260 mil 0.16%certs    Nov. 2002               AAA
Class 3  JPY230 mil 0.21% certs   May 2003                AAA
Class 4  JPY210 mil 0.24% certs   Nov. 2003               AAA
Class 5  JPY160 mil 0.30% certs   May 2004                AAA
Class 6  JPY130 mil 0.36% certs   Nov. 2004               AAA
Class 7  JPY80 mil 0.43% certs    May 2005                AAA
Class 8  JPY60 mil 0.52% certs    Nov. 2005               AAA
Class 9  JPY450 mil 0.39% certs   Semiannual pass through AAA