S&P Asgns Prlm AAA to HitachiCapital Ser27 ABS Certs

    TOKYO--May 8, 2002--Standard & Poor's today assigned its preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 27 JPY1.22 billion class 1-8 certificates (see list below).
    The preliminary ratings are based on information as of May 8, 2002. 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 August 2007.
    The JPY1.22 billion trust certificates are backed by a pool of about JPY1.26 billion of auto loan receivables originated by Hitachi Capital Corp. (A/WatchNeg/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 preliminary ratings are based on:


--	Overcollateralization of about JPY42.2 million of auto loan receivables, representing about 3.35% of the pool balance;
--	A cash reserve to be funded at closing with about JPY33 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 27th series of such trust certificates backed by Hitachi Capital's auto loan receivables.



PRELIMINARY RATINGS ASSIGNED
Auto Loan Trust Series 27 JPY1.22 billion certificates due August 2007
Class   Amount                Expected Maturity  Prelim Rating
Class 1 JPY230 mil 0.17% certs  Nov. 2002                    AAA
Class 2 JPY160 mil 0.19%certs   May. 2003                    AAA
Class 3 JPY150 mil 0.20% certs  Nov. 2003                    AAA
Class 4 JPY130 mil 0.24% certs  May. 2004                    AAA
Class 5 JPY110 mil 0.30% certs  Nov. 2004                    AAA
Class 6 JPY80 mil 0.36% certs   May. 2005                    AAA
Class 7 JPY50 mil 0.44% certs   Nov. 2005                    AAA
Class 8 JPY310 mil 0.39% certs  Semiannual pass through      AAA