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S&P Assigns Preliminary AAA Ratings to Hitachi Credit

12 September 2000

S&P Assigns Preliminary AAA Ratings to Hitachi Credit Auto Loan Series

    TOKYO, Sept. 11 Standard & Poor's today assigned its
preliminary triple-'A' ratings to Hitachi Credit Corp.'s Auto Loan Trust
Series 7 class 1-10 certificates (see list below).
    The preliminary ratings are based on information as of September 12, 2000.
Subsequent information may result in final ratings that differ from the
preliminary ratings.
    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
December 2005.  The JPY4.49 billion trust certificates are backed by a pool of
about JPY4.6 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 preliminary ratings on the certificates are based on:
    -- Overcollateralization of about JPY149 million of auto loan receivables,
       representing about 3% of the pool balance;
    -- Cash reserve to be funded at closing with about JPY70 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 record of historical losses.

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

    PRELIMINARY RATINGS ASSIGNED
    Auto Loan Trust Series 7 JPY4.49 bil certs
    Class               Amount                         Rating
    Class 1            JPY860 mil 0.46% certs           AAA
    Class 2            JPY620 mil 0.54% certs           AAA
    Class 3            JPY570 mil 0.68% certs           AAA
    Class 4            JPY510 mil 0.78% certs           AAA
    Class 5            JPY410 mil 0.89% certs           AAA
    Class 6            JPY330 mil 1.01% certs           AAA
    Class 7            JPY190 mil 1.14% certs           AAA
    Class 8            JPY150 mil 1.26% certs           AAA
    Class 9            JPY110 mil 1.38% certs           AAA
    Class 10           JPY740 mil 1.14% certs           AAA