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S&P Rates Hitachi Credit Auto Loan Trust Certs 'AAA'

15 May 2000

S&P Rates Hitachi Credit Auto Loan Trust Certs 'AAA'

    TOKYO--Standard & Poor's--May 15, 2000--Standard & Poor's today assigned its triple-'A' ratings to Hitachi Credit Auto Loan Trust Series 3 Certificates.
    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. 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 third series of such trust certificates backed by Hitachi Credit's auto-loan receivables. The 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 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

    RATINGS ASSIGNED

    Auto Loan Trust Series 3

    Issue Rating

    JPY2.37 bil certs AAA

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