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S&P Rates Hitachi Credit's Auto Ln Trust Ser. 5 'AAA'

17 July 2000

S&P Rates Hitachi Credit's Auto Ln Trust Ser. 5 'AAA'

    TOKYO--Standard & Poor's - Standard & Poor's today assigned its triple-'A' ratings to Hitachi Credit Corp.'s Auto Loan Trust Series 5 Certificates (see list below).

    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 October 2005. The JPY2.53 billion trust certificates are backed by a pool of about JPY2.60 billion of auto loan receivables originated by Hitachi Credit Corp. (A+/Negative/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.

    The ratings on the certificates are based on:

    -- Overcollateralization of about JPY85 million of auto loan receivables, representing about 3% of the pool balance;
    -- Cash reserve funded at closing with about JPY39 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.

    Hitachi Credit is planning to securitize newly originated auto loan receivables every month using the same structure. This transaction is the fifth series of such trust certificates backed by Hitachi Credit's auto loan receivables, Standard & Poor's said. ---CreditWire

RATINGS ASSIGNED
Auto Loan Trust Series 5
JPY2.53 billion certificates                      AAA
  Class 1      JPY520 mil 0.30% certs             AAA
  Class 2      JPY340 mil 0.44% certs             AAA
  Class 3      JPY330 mil 0.61% certs             AAA
  Class 4      JPY280 mil 0.72% certs             AAA
  Class 5      JPY240 mil 0.85% certs             AAA
  Class 6      JPY170 mil 0.96% certs             AAA
  Class 7      JPY110 mil 1.09% certs             AAA
  Class 8      JPY80 mil 1.20% certs              AAA
  Class 9      JPY60 mil 1.32% certs              AAA
  Class 10     JPY400 mil 1.13% certs             AAA