S&P Assigns Prelim `AAA' to Hitachi CreditY2.08B ABS.

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

March 13, 2000--Standard & Poor's has assigned its preliminary triple-`A' ratings to Hitachi Credit Auto Loan Trust Series 1 Y2.08 billion certificates. The terms of each class of the certificates are expected

--Class 1: Y400 million, 0.16%
--Class 2: Y290 million, 0.26%
--Class 3: Y270 million, 0.46%
--Class 4: Y240 million, 0.58%
--Class 5: Y190 million, 0.75%
--Class 6: Y150 million, 0.88%
--Class 7: Y90  million, 1.05%
--Class 8: Y70  million, 1.19%
--Class 9: Y50  million, 1.36%
--Class 10:Y330 million, 1.01%

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 June 2005. The Y2.08 billion trust certificates are backed by a pool of about Y2.15 billion of auto-loan receivables originated by Hitachi Credit Corp. (A+/Stable/A-1) and entrusted to Toyo Trust & Banking Co. Ltd. (BBBpi/--/--).

Hitachi Credit is a leading finance company in Japan, and a group company of Hitachi Ltd. (A+/Stable/A-1+), an integrated electronics maker in Japan. P. Hitachi Credit is planning to securitize newly originated auto-loan receivables every month using the same structure. This transaction will be the first series of such trust certificates backed by Hitachi Credit's auto-loan receivables.

The ratings on the certificates are based on:

--   Overcollateralization of about Y67 million of auto-loan
     receivables, representing about 3% of the pool balance;

--   Cash reserve to be funded at closing with about Y43 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';

--   An excellent track record of historical losses, Standard & Poor's
     said. ---CreditWire