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S&P Assigns Prelm 'AAA' to Hitachi Credit Auto Loan Trust

11 May 2000

S&P Assigns Prelm 'AAA' to Hitachi Credit Auto Loan Trust

    TOKYO, May 10 Standard & Poor's today assigned its
preliminary triple-'A' ratings to Hitachi Credit Auto Loan Trust Series 3
Certificates. The terms of each class of the certificates are as
follows:

    -- Class 1: JPY440 million, 0.17%
    -- Class 2: JPY310 million, 0.32%
    -- Class 3: JPY300 million, 0.50%
    -- Class 4: JPY270 million, 0.62%
    -- Class 5: JPY230 million, 0.77%
    -- Class 6: JPY180 million, 0.89%
    -- Class 7: JPY110 million, 1.05%
    -- Class 8: JPY90 million, 1.17%
    -- Class 9: JPY60 million, 1.32%
    -- Class 10: JPY380 million, 1.05%

    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 August
2005. The JPY2.37 billion trust certificates are backed by a pool of about
JPY2.45 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 will be the
third series of such trust certificates backed by Hitachi Credit's auto-loan
receivables. The preliminary ratings on the certificates are based on:
    --Overcollateralization of about JPY82 million of auto-loan receivables,
representing about 3% of the pool balance;
    --Cash reserve to be funded at closing with about JPY37 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