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S&P: Toyota Auto Lease Senior Certificates Ratings off WatchNeg, Affirmed

1 May 2000

S&P: Toyota Auto Lease Senior Certificates Ratings off WatchNeg, Affirmed

    NEW YORK, April 28 Standard & Poor's today affirmed its
ratings on the senior asset-backed certificates of Toyota Auto Lease Trust
1997-A, Toyota Auto Lease Trust 1998-A, Toyota Auto Lease Trust 1998-B, and
Toyota Auto Lease Trust 1998-C (see list).
    At the same time, Standard & Poor's removed its ratings on these same
certificates from CreditWatch with negative implications, where the ratings
were placed on March 28, 2000.  The placement of these ratings on CreditWatch
was due to higher-than-expected return rates and lower-than-expected residual
realization experienced by Toyota Motor Credit Corp. (TMCC) in recent months.
    Toyota Motor Credit Corp. will make capital contributions totaling US$102
million to these securitizations as follows:

    -- US$28 million for Toyota Auto Lease Trust 1997-A;

    -- US$13 million for Toyota Auto Lease Trust 1998-A;

    -- US$37 million for Toyota Auto Lease Trust 1998-B; and

    -- US$24 million for Toyota Auto Lease Trust 1998-C.

    This additional capital contribution will be deposited in the respective
reserve accounts of these transactions.  The respective maximum reserve
account requirements for these transactions were also raised to retain excess
spread and to maintain credit support levels sufficient to cover residual loss
exposure, particularly during each transaction's peak loss concentrations.
    Based on analyses of the characteristics of remaining leases in the pool,
concentration risks by lease term as well as by vehicle make and model,
current and projected return rates and residual realization, structural
features of the transactions, and cash flow results, Standard & Poor's has
determined that TMCC's capital contributions, in addition to the current
levels of enhancement in each transaction, are sufficient to support the
current certificate ratings. -- CreditWire

    OUTSTANDING RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH WITH NEGATIVE
IMPLICATIONS

    Toyota Auto Lease Trust Series 1997-A
    Class   Amount       Certificate coupon     Rating
            (mil. US$)   (%)                  To    From
    A-2     650.00       6.35                 AAA   AAA/Watch Neg
    A-3     72.75        6.45                 AAA   AAA/Watch Neg

    OUTSTANDING RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH WITH NEGATIVE
IMPLICATIONS

    Toyota Auto Lease Trust Series 1998-A
    Class      Amount          Rating
               (bil. ITL)    To      From
    A-2        543.6         AAA     AAA/Watch Neg

    OUTSTANDING RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH WITH NEGATIVE
IMPLICATIONS

    Toyota Auto Lease Trust Series 1998-B
    Class  Amount        Certificate coupon      Rating
           (mil. US$)    (%)                  To    From
    A-2    575.0         5.45                 AAA   AAA/Watch Neg
    A-3    96.4          5.50                 AAA   AAA/Watch Neg

    OUTSTANDING RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH WITH NEGATIVE
IMPLICATIONS

    Toyota Auto Lease Trust Series 1998-C
    Class  Amount        Certificate coupon      Rating
           (mil. US$)    (%)                   To    From
    A-2    424.5         adjustable           AAA   AAA/Watch Neg
    A-3    72.8          adjustable           AAA   AAA/Watch Neg