S&P Asgns 'AAA' Rtgs to Hitachi Capital Series 26 ABS

    TOKYO--Standard & Poor's--April 15, 2002-- Standard & Poor's today assigned its triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 26 JPY1.36 billion certificates classes 1-8 (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 July 2007.
    The JPY1.36 billion trust certificates are backed by a pool of about JPY1.4 billion of auto loan receivables originated by Hitachi Capital Corp. (A/ Watch Neg /A-1) and entrusted to UFJ Trust Bank 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 JPY49 million of auto loan receivables, representing about 3.52% of the pool balance;
--	A cash reserve funded at closing with about JPY21 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 26th series of such trust certificates backed by Hitachi Capital's auto loan receivables.


RATINGS ASSIGNED
Auto Loan Trust Series 26 JPY1.36 billion certificates due July 2007
 Class     Amount                  Expected Maturity        Rating
 Class 1   JPY250 mil 0.18% certs    Oct. 2002                AAA
 Class 2   JPY180 mil 0.19%certs     Apr. 2003                AAA
 Class 3   JPY170 mil 0.23% certs    Oct. 2003                AAA
 Class 4   JPY150 mil 0.27% certs    Apr. 2004                AAA
 Class 5   JPY120 mil 0.35% certs    Oct. 2004                AAA
 Class 6   JPY100 mil 0.41% certs    Mar. 2005                AAA
 Class 7   JPY50 mil 0.51% certs     Oct. 2005                AAA
 Class 8   JPY340 mil 0.44% certs    Semiannual pass through  AAA