Fitch Issues Presale Report on Honda Auto Receivables 2003-2 Owner Trust

    NEW YORK--May 12, 2003--Fitch Ratings has issued a presale report on Honda Auto Receivables 2003-2 Owner Trust discussing the rating analysis behind Fitch's expected 'F1+' ratings on the class A-1 notes, and 'AAA' ratings on the class A-2 notes, A-3 notes and A-4 notes. The securities are backed by a pool of retail installment sales contracts secured by new and used automobiles and light duty trucks.
    The following presale report is available to all investors on Fitch's corporate site 'www.fitchratings.com' or by contacting Sara Grohl at 212/908-0564 or via e-mail, 'sara.grohl@fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than twenty asset classes, contact product sales at 212/908-0800 or at 'webmaster@fitchratings.com'.