S&P Assigns Rtgs to Japan Funding 03-B Auto-Loan ABS

TOKYO--July 29, 2003--Standard & Poor's--Standard & Poor's Ratings Services said today that it had assigned its ratings to PRIMUS Japan Funding 03-B TMK's (PRIMUS Japan) JPY41.8 billion auto loan-backed fixed-rate notes classes A-O due July 2009 (see list below).

The notes are ultimately backed by a pool of auto loans originated by PRIMUS Financial Services Inc.

The ratings address the full and timely payment of monthly interest and the ultimate repayment of principal by the legal final maturity of July 2009.

The ratings are based on:

-- Ample credit support provided by approximately JPY3.3 billion in overcollateralization to mitigate defaults and commingling risk;

-- An ample cash reserve funded at closing sufficient to cover several months of note interest payments and transaction fees;

-- The establishment of accelerated amortization triggers that will convert principal payment to a pass-through structure under certain adverse circumstances;

-- The appointment of Citilease Co. Ltd. (Citilease) as the backup servicer for the transaction; and

-- The status of PRIMUS Japan as a special-purpose, bankruptcy-remote entity.

RATINGS ASSIGNED
JPY41.8 billion auto-loan backed fixed-rate notes due July 2009
CLASS                         RATING                AMOUNT
A                             AAA                   JPY1.8 bil.
B                             AAA                   JPY1.2 bil.
C                             AAA                   JPY0.9 bil.
D                             AAA                   JPY0.9 bil.
E                             AAA                   JPY0.9 bil.
F                             AAA                   JPY1.8 bil.
G                             AAA                   JPY1.1 bil.
H                             AAA                   JPY0.8 bil.
I                             AAA                   JPY0.8 bil.
J                             AAA                   JPY0.7 bil.
K                             AAA                   JPY0.7 bil.
L                             AAA                   JPY0.8 bil.
M                             AAA                   JPY10.0 bil.
N                             AAA                   JPY18.5 bil.
O                             A                     JPY0.9 bil.