S&P Assigns Honda Auto Rec 2003-1 Owner Tr Prlim Rtgs

    NEW YORK--Feb. 24, 2003--Standard & Poor's--Standard & Poor's Ratings Services today assigned its preliminary ratings to Honda Auto Receivables 2003-1 Owner Trust's $1.54 billion asset-backed notes series 2003-1 (see list).
    The preliminary ratings are based on information as of Feb. 24, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

    The preliminary ratings reflect the following:


--	The credit enhancement provided by unrated subordinated certificates, a reserve fund, and excess spread;
--	A pool composition that continues to represent high-quality prime loans, of which 63% are subvened loans and 88% are new vehicles; and
--	A sound legal structure.

A copy of Standard & Poor's complete presale report for this transaction can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale can also be found on the Standard & Poor's Web site at www.standardandpoors.com. Select Fixed Income. Then, under Browse by Sector, select Structured Finance and find the article under Presale Credit Reports.


PRELIMINARY RATINGS ASSIGNED
Honda Auto Receivables 2003-1 Owner Trust

Class                 Rating       Amount (mil. $)
A-1                   A-1+                   376.0
A-2                   AAA                    462.0
A-3                   AAA                    386.0
A-4                   AAA                    317.7