S&P Asgns AAA Rtgs to BOT Lease Series 3 Japanese ABS.

Business Editors

TOKYO--(BUSINESS WIRE)--Standard & Poor's

Jan. 31, 2003--Standard & Poor's Ratings Services said today that it had assigned its 'AAA' ratings to BOT Lease Trust Certificates Series 3 JPY15 billion class 1-29 trust certificates (see list below). The transaction

Standard & Poor's ratings address the full and timely payment of interest and the ultimate full repayment of principal by the transaction's legal final maturity date.

The ratings are based on:

-- Ample credit support, with initial overcollateralization of approximately 11.9%, based on a conservative discount rate of 2.7% on the lease receivables;

-- A high proportion of large obligors from a diverse range of industries;

-- A cash reserve funded at closing;

-- Rigorous early amortization events that will convert principal redemption to a pass-through structure under certain adverse circumstances; and

-- An excellent track record of historical losses.

The aggregate JPY15 billion trust certificates are backed by a pool of about JPY18.1 billion of lease receivables originated by BOT Lease and entrusted to a trust created with Mitsubishi Trust & Banking Corp. The transaction is the third of its type originated by BOT Lease to be rated by Standard & Poor's.

RATINGS ASSIGNED
BOT Lease Trust Certificates Series 3 JPY15 billion class 1-29
trust certificates

Class                          Rating              Amount
1 - 4                          AAA                 JPY320 mil.
5 - 11                         AAA                 JPY310 mil.
12                             AAA                 JPY2,790 mil.
13 - 15                        AAA                 JPY310 mil.
16 - 18                        AAA                 JPY300 mil.
19 - 20                        AAA                 JPY290 mil.
21 - 22                        AAA                 JPY280 mil.
23                             AAA                 JPY270 mil.
24 - 25                        AAA                 JPY260 mil.
26 - 27                        AAA                 JPY250 mil.
28                             AAA                 JPY200 mil.
29                             AAA                 JPY4,300 mil.

Copyright 2003, Standard & Poor's Ratings Services