S&P Asgn Toyota Auto Rec 2003-A Own Tr Nts Prlim Rtgs

    NEW YORK--March 21, 2003--Standard & Poor's--Standard & Poor's Ratings Services today assigned its preliminary ratings to Toyota Auto Receivables 2003-A Owner Trust's $1.07 billion asset-backed notes series 2003-A (see list).
    The preliminary ratings are based on information as of March 21, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect credit support composed of the subordinated seller's interest of $46,570,312, representing 3.0% of the cutoff date receivables balance and a revolving liquidity note in the amount of $7,745,352, which is equal to 0.50% of the initial principal balance of the receivables.
    The ratings also take into account the adequacy of soft credit enhancement to cover net losses in an 'AAA' scenario, the high credit quality of the 2003-A securitized pool, and interest-rate protection provided under the terms of an interest-rate swap agreement. A rating dependency on Toyota Motor Credit Corp. (AAA/Negative/A-1+) exists due to its role as holder of the revolving liquidity note and as swap counterparty.
    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
Toyota Auto Receivables 2003-A Owner Trust

Series         Rating        Amount (mil. $)
A-1            N.R.                    432.5
A-2            AAA                     375.0
A-3A           AAA                     364.0
A-3B           AAA                     125.0
A-4            AAA                     206.0
N.R.-Not rated.