---

S&P Assigns AAA Ratings to Hitachi Capital Yen4.15B ABS Certificates

15 December 2000

S&P Assigns AAA Ratings to Hitachi Capital Yen4.15B ABS Certificates

    TOKYO, Dec. 15 Standard & Poor's today assigned its
triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 10 class
1-10 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 March
2006. The JPY4.15 billion trust certificates are backed by a pool of about
JPY4.28 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 ratings are based on:
    -- Overcollateralization of about JPY134 million of auto loan receivables,
       representing about 3% of the pool balance;
    -- A cash reserve funded at closing with about JPY64 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 is the 10th
series of such trust certificates backed by Hitachi Capital's auto loan
receivables, Standard & Poor's said. --CreditWire

    RATINGS ASSIGNED
    Auto Loan Trust Series 10 JPY4.15 billion certificates due March 2006

      Class     Amount                 Expected Maturity      Rating
    Class 1   JPY820 mil 0.62% certs   June 2001                AAA
    Class 2   JPY610 mil 0.64% certs   Dec. 2001                AAA
    Class 3   JPY460 mil 0.59% certs   June 2002                AAA
    Class 4   JPY490 mil 0.64% certs   Dec. 2002                AAA
    Class 5   JPY330 mil 0.72% certs   June 2003                AAA
    Class 6   JPY310 mil 0.79% certs   Dec. 2003                AAA
    Class 7   JPY160 mil 0.89% certs   June 2004                AAA
    Class 8   JPY160 mil 0.98% certs   Dec. 2004                AAA
    Class 9   JPY90  mil 1.08% certs   June 2005                AAA
    Class 10  JPY720 mil 0.98% certs   Semiannual pass through  AAA