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S&P: 'AAA' to Oscar Funding V Auto Loan-Backed Notes

10 November 1999

S&P: 'AAA' to Oscar Funding V Auto Loan-Backed Notes

    TOKYO, Nov. 10 -- Standard & Poor's today assigned its
triple-'A' ratings to OSCAR Funding Corp. V's (Oscar V) US$200 million
floating-rate notes and Euro130 million floating-rate notes.  The ratings
address the full and timely payment of monthly interest and the ultimate full
repayment of principal by the legal final maturity in November 2004.  The
notes are secured by Y36 billion of fixed-rate bonds issued by Orico Euro
Funding Corp. No. V (OEFC V).  The bonds, in turn, are secured by a senior
beneficial interest in a trust created with Dai-Ichi Kangyo Fuji Trust &
Banking Co. Ltd. from a pool of auto-loan receivables originated by Orient
Corp. (Orico).  An aggregate amount of about Y42.9 billion of auto loans are
entrusted by Orico to the trust.
    This is the fifth cross-border securitization for Orico, following
transactions completed in March 1998, August 1998, December 1998, and May
1999.  Standard & Poor's assigned its triple-'A' rating to the four previous
transactions.

    The ratings on the notes are based on:
    -- Overcollateralization of about Y6.9 billion, or 16% of the pool
       balance;
    -- A nonamortizing reserve account funded at closing with Y440 million;
    -- The relatively high level of expected excess spread to cover any
       interest shortfalls;
    -- The status of Oscar V and OEFC V as special-purpose, bankruptcy-remote
       entities; and
    -- A swap agreement with a triple-'A' rated counterparty to mitigate
       currency and interest rate risks, Standard & Poor's said.--CreditWire