Fitch Rates Hyundai Auto Receivables Trust 2005-A

NEW YORK--July 8, 2005--Fitch rates Hyundai Auto Receivables Trust 2005-A as follows:

-- $169,000,000 class A-1 3.51438% asset-backed notes 'F1+';

-- $230,000,000 class A-2 3.88% asset-backed notes 'AAA';

-- $171,000,000 class A-3 3.98% asset-backed notes 'AAA';

-- $110,300,000 class A-4 4.18% asset-backed notes 'AAA';

-- $31,900,000 class B 4.20% asset-backed notes 'AA';

-- $27,900,000 class C 4.22% asset-backed notes 'A';

-- $33,900,000 class D 4.45% asset-backed notes 'BBB'.

Fitch ratings on the notes and certificates are based upon their respective levels of subordination, the specified credit enhancement amount, which consists of funds in the reserve account, overcollateralization (OC), and the yield supplement overcollateralization amount (YSOA). All ratings reflect the transaction's sound legal structure, the quality of the retail auto receivables originated by Hyundai Motor Finance Company, and the strength of Hyundai Motor Finance Company as servicer.

The collateral securing the notes consists of simple interest retail installment sales contracts secured by new and used automobiles and light-duty trucks to prime borrowers. Similar to the 2004-A, the pool contains a percentage of loans financing the purchase of Kia vehicles.

Initial credit enhancement equal to 15.25% for the class A notes (consisting of 11.75% subordination, 3.00% OC, and a 0.50% reserve account), 11.25% for the class B notes (7.75% subordination, 3.00% OC, and 0.50% reserve), 7.75% for the class C notes (4.25% subordination, 3.00% OC, and 0.50% reserve), and 3.50% for the class D notes (3.00% OC and 0.50% reserve). The YSOA, sized to compensate for receivables in the pool with interest rates below 9.20%, raising the pool's estimated effective spread to approximately 5.34% per annum.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.