Fitch Rates Honda Auto Receivables 2002-4 Owner Trust 'F1+/AAA'

    NEW YORK--Nov. 21, 2002--Fitch Ratings has assigned ratings to the receivables-backed class A notes issued by Honda Auto Receivables 2002-4 Owner Trust as listed below:

    --$256,800,000 1.380% class A-1 notes 'F1+';
    --$295,000,000 1.660% class A-2 notes 'AAA';
    --$270,000,000 2.190% class A-3 notes 'AAA';
    --$212,870,000 2.700% class A-4 notes 'AAA'.

    The trust also issued $23,817,953.57 in certificates that are initially retained by the seller and not rated. Fitch's ratings address the likelihood that the noteholders receive full and timely payment of interest and ultimate payment of principal by the legal final distribution date of each class. The ratings on the class A notes are based on 2.75% initial credit enhancement provided by subordinated certificates (2.25%) and a 0.50% non-declining reserve fund, the transactions' sound legal and cash flow structure, and the high quality of the retail auto receivables originated and serviced by American Honda Finance Corp. (AHFC).
    Principal and interest on the notes is distributed monthly, commencing on Dec. 15, 2002. Principal is distributed on a modified pro rata basis, with the class A-1 notes receiving all principal collections until paid in full. Once the class A-1 notes are retired, principal is distributed sequentially among the remaining class A notes, but pro rata with the certificates. However, in the event that the reserve fund on any distribution date is less than its specified level, the notes receive all of the principal collections until such time as the reserve account is funded up to its specified level.
    At closing, $484,609.12 is deposited into a yield supplement account (YSA), which augments interest collections on receivables with annual percentage rates (APRs) less than the time weighted average note rate plus the 1% servicing fee.
    Business and credit stress scenarios were applied to the collateral to insure that the structure is sufficient to withstand 'AAA' scenarios. Under the available credit enhancement the class A notes can sustain more 5.0 times (x) Fitch's base case cumulative net loss estimate, which is consistent with a 'AAA' rating.
    AHFC, the captive finance subsidiary of American Honda Motor Co., Inc. (AHMC - rated 'F1' by Fitch), originates and services retail auto sales contracts. AHMC is a wholly owned subsidiary of Honda Motor Co., Ltd. (HMC), Japan's third largest car manufacturer. HMC, a leading manufacturer of motorcycles, motor vehicles and power equipment, ranks among the world's top 10 producers of such products.