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S&P Asgns AAA Rtgs to Hitachi Captial JPY4.18B ABS Certificates

15 January 2001

S&P Asgns AAA Rtgs to Hitachi Captial JPY4.18B ABS Certificates

    TOKYO, Jan. 15 Standard & Poor's today assigned its
triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust Series 11 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
April 2006.  The JPY4.18 billion trust certificates are backed by a pool of
about JPY4.32 billion of auto loan receivables originated by Hitachi Capital
Corp. (A+/Negative/A-1) and entrusted to Toyo Trust & Banking Co. Ltd.
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 JPY138 million of auto loan receivables,
       representing about 3% of the pool balance;
    -- A cash reserve funded at closing with about JPY65 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 marks the
11th series of such trust certificates backed by Hitachi Capital's auto loan
receivables, Standard & Poor's said. -- CreditWire

    RATINGS ASSIGNED
    Auto Loan Trust Series 11 JPY4.18 billion certificates due April 2006
    Class     Amount                Expected Maturity        Rating
    Class 1   JPY840 mil 0.60% certs  July 2001                AAA
    Class 2   JPY580 mil 0.61% certs  Jan. 2002                AAA
    Class 3   JPY510 mil 0.54% certs  July 2002                AAA
    Class 4   JPY470 mil 0.59% certs  Jan. 2003                AAA
    Class 5   JPY370 mil 0.66% certs  July 2003                AAA
    Class 6   JPY290 mil 0.78% certs  Jan. 2004                AAA
    Class 7   JPY170 mil 0.86% certs  July 2004                AAA
    Class 8   JPY140 mil 1.00% certs  Jan. 2005                AAA
    Class 9   JPY100 mil 1.06% certs  July 2005                AAA
    Class 10  JPY710 mil 0.90% certs  Semiannual pass through  AAA