S&P Asgns 'AAA' to Hitachi Capital Ser 24 ABS Certs

    TOKYO--Standard & Poor's--Feb. 15, 2002--Standard & Poor's today assigned its triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 24 JPY1.27 billion class 1-8 certificates (see list below).
    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 May 2007.
    The JPY1.27 billion trust certificates are backed by a pool of about JPY1.31 billion of auto loan receivables originated by Hitachi Capital (A/Negative/A-1) and entrusted to UFJ 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 ratings are based on:


--	Overcollateralization of about JPY40.4 million of auto loan receivables, representing about 3.08% of the pool balance;
--	A cash reserve funded at closing with about JPY19.7 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 24th series of such trust certificates backed by Hitachi Capital's auto loan receivables.



RATINGS ASSIGNED
Auto Loan Trust Series 24 JPY1.27 billion certificates due May 2007
Class     Amount                 Expected Maturity       Rating
Class 1   JPY240 mil 0.16% certs   Aug. 2002               AAA
Class 2   JPY170 mil 0.17% certs   Feb. 2003               AAA
Class 3   JPY150 mil 0.22% certs   Aug. 2003               AAA
Class 4   JPY130 mil 0.26% certs   Feb. 2004               AAA
Class 5   JPY110 mil 0.33% certs   Aug. 2004               AAA
Class 6   JPY90 mil 0.40% certs    Feb. 2005               AAA
Class 7   JPY50 mil 0.50% certs    Aug. 2005               AAA
Class 8   JPY330 mil 0.42% certs  Semiannual pass-through  AAA