---

S&P Assigns 'AAA' Rtgs to Hitachi Credit Y2.39B Certs

17 April 2000

S&P Assigns 'AAA' Rtgs to Hitachi Credit Y2.39B Certs

    TOKYO--Standard & Poor's--April 17, 2000-- Standard & Poor's today assigned its 'AAA' ratings to Hitachi Credit Auto Loan Trust Series 2 Certificates.
    The terms of each class of the certificates are as follows:

    --  Class 1: JPY450 million, 0.17%;
    --  Class 2: JPY330 million, 0.35%;
    --  Class 3: JPY300 million, 0.54%;
    --  Class 4: JPY270 million, 0.70%;
    --  Class 5: JPY220 million, 0.87%;
    --  Class 6: JPY170 million, 1.00%;
    --  Class 7: JPY100 million, 1.15%;
    --  Class 8: JPY80 million, 1.28 %;
    --  Class 9: JPY60 million, 1.44%; and
    --  Class 10: JPY410 million, 1.14%.

    Standard & Poor's ratings address the full and timely payment of interest and the full repayment of principal by the legal final maturity date of July 2005. The JPY2.39 billion trust certificates are backed by a pool of about JPY2.47 billion of auto-loan receivables originated by Hitachi Credit Corp. (A+/Watch Neg/A-1) and entrusted to Toyo Trust & Banking Co. Ltd. Hitachi Credit is a leading finance company in Japan, and a group company of Hitachi Ltd., an integrated electronics maker in Japan.
    Hitachi Credit is planning to securitize newly originated auto-loan receivables every month using the same structure. This transaction is the second series of such trust certificates backed by Hitachi Credit's auto-loan receivables.
    The ratings on the certificates are based on:

    --  Overcollateralization of about JPY81 million of auto-loan
        receivables, representing about 3% of the pool balance;
    --  Cash reserve funded at closing with about JPY49 million;
    --  Redemption alteration events that will convert principal
        redemption to a pass-through structure under certain adverse
        circumstances;
    --  Monthly advances by the servicer of scheduled auto-loan
        contract payments and additional advances of stressed
        estimated principal prepayments if the servicer's rating is
        lowered below 'A-1'; and
    --  An excellent track record of historical losses, Standard &
        Poor's said. ---CreditWire