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S&P Rates Hitachi Credit Auto Loan Trust Certificates 'AAA'

15 June 2000

S&P Rates Hitachi Credit Auto Loan Trust Certificates 'AAA'

    TOKYO - Standard & Poor's today assigned its triple-'A' ratings to Hitachi 
Credit's Auto Loan Trust Series 4 Certificates.

    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
September 2005.  The JPY1.59 billion trust certificates are backed by a pool
of about JPY1.65 billion of auto loan receivables originated by Hitachi Credit
Corp. (A+/Negative/A-1) and entrusted to Toyo Trust & Banking Co. Ltd. Hitachi
Credit is a leading finance company in Japan, and a group company of Hitachi
Ltd., an integrated electronics maker in Japan.

    Hitachi Credit is planning to securitize newly originated auto loan
receivables every month using the same structure.  This transaction is the
fourth series of such trust certificates backed by Hitachi Credit's auto loan
receivables.  The ratings on the certificates are based on:

    -- Overcollateralization of about JPY58 million of auto loan receivables,
       representing about 3% of the pool balance;

    -- Cash reserve funded at closing with about JPY25 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 track record of historical losses, Standard & Poor's
       said. --CreditWire

    RATINGS ASSIGNED
    Auto Loan Trust Series 4
    Issue      Amount                      Rating
    Class 1    JPY330 million 0.16% notes    AAA
    Class 2    JPY200 million 0.31% notes    AAA
    Class 3    JPY230 million 0.48% notes    AAA
    Class 4    JPY160 million 0.60% notes    AAA
    Class 5    JPY160 million 0.75% notes    AAA
    Class 6    JPY100 million 0.87% notes    AAA
    Class 7    JPY80 million 1.02% notes     AAA
    Class 8    JPY50 million 1.14% notes     AAA
    Class 9    JPY280 million 1.03% notes    AAA