S&P Assigns AAA to OSCAR Funding XI's Japanese ABS

TOKYO--Sept. 10, 2003--Standard & Poor's--Standard & Poor's Ratings Services said today that it had assigned its 'AAA' ratings to OSCAR Funding Corp. XI's JPY37.4 billion-equivalent U.S. dollar- and euro-denominated floating-rate notes due September 2008. The notes are ultimately backed by a pool of auto loans originated by Orient Corp. (Orico).

The rating addresses the full and timely payment of monthly interest and the ultimate full repayment of principal by the legal final maturity of September 2008.

The rating on the notes is based on:

-- Overcollateralization of about JPY4.6 billion, or 11% of the pool balance;

-- A cash reserve account to be funded at closing with JPY665 million, which includes JPY116 million to cover cancellation risk;

-- A relatively high level of expected excess spread to cover defaulted loans;

-- The status of OSCAR XI and Orico Topaz as special-purpose, bankruptcy-remote entities; and

-- A swap agreement with an 'AAA' rated counterparty to mitigate currency and interest rate risks.


RATINGS ASSIGNED
JPY37.4 billion-equivalent floating-rate notes due 2008
Issue                                   Rating
US$179 mil. floating-rate notes         AAA
Eur127.5 mil. floating-rate notes       AAA