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S&P Assigns Preliminary AAA Ratings to Auto Loan Trust Series 8

10 October 2000

S&P Assigns Preliminary AAA Ratings to Auto Loan Trust Series 8

    TOKYO, Oct. 10 Standard & Poor's today assigned its
preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust
Series 8 class 1-10 certificates (see list below).
    The preliminary ratings are based on information as of Oct. 10, 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
January 2006.  The JPY4.43 billion trust certificates are backed by a pool of
about JPY4.6 billion of auto loan receivables originated by Hitachi Capital
Corp. (A+/Negative/A-1) and entrusted to Toyo Trust & Banking Co. Ltd.
Formerly known as Hitachi Credit Corp., Hitachi Capital is a leading finance
company in Japan, and a group company of Hitachi Ltd., an integrated
electronics maker in Japan.
    The preliminary ratings are based on:

    -- Overcollateralization of about JPY143 million of auto loan receivables,
       representing about 3% of the pool balance;

     -- A cash reserve to be funded at closing with about JPY69 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 Capital is planning to securitize newly originated auto loan
receivables every month using the same structure.  This transaction will be
the eighth series of such trust certificates backed by Hitachi Capital's auto
loan receivables, Standard & Poor's said. -- CreditWire

    PRELIMINARY RATINGS ASSIGNED
    Auto Loan Trust Series 8 JPY4.43 bil certs
    Class                  Amount                       Rating
    Class  1               JPY850 mil 0.55% certs         AAA
    Class  2               JPY610 mil 0.60% certs         AAA
    Class  3               JPY560 mil 0.70% certs         AAA
    Class  4               JPY500 mil 0.77% certs         AAA
    Class  5               JPY400 mil 0.88% certs         AAA
    Class  6               JPY320 mil 0.98% certs         AAA
    Class  7               JPY190 mil 1.11% certs         AAA
    Class  8               JPY150 mil 1.23% certs         AAA
    Class  9               JPY110 mil 1.35% certs         AAA
    Class 10               JPY740 mil 1.14% certs         AAA