TOKYO, Feb. 8 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust
Series 24 JPY1.27 billion class 1-8 certificates (see list below).
The preliminary ratings are based on information as of Feb. 8, 2002.
Subsequent information may result in final ratings that differ from the
preliminary ratings.
Standard & Poor's preliminary ratings address the full and timely payment
of interest and the full repayment of principal by the legal final maturity
date of May 2007.
The JPY1.27 billion trust certificates are backed by a pool of about
JPY1.31 billion of auto loan receivables originated by Hitachi Capital Corp.
(A/Negative/A-1) and entrusted to UFJ Trust Bank Ltd. Hitachi Capital is a
leading finance company in Japan, and a group company of Hitachi Ltd., an
integrated electronics maker in Japan.
The preliminary ratings are based on:
-- Overcollateralization of about JPY40.4 million of auto loan
receivables, representing about 3.08% of the pool balance;
-- A cash reserve to be funded at closing with about JPY19.7 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
24th series of such trust certificates backed by Hitachi Capital's auto loan
receivables.
PRELIMINARY RATINGS ASSIGNED
Auto Loan Trust Series 24 JPY1.27 billion certificates due May 2007
Class Amount Expected Maturity Rating
Class 1 JPY240 mil 0.16% certs Aug. 2002 AAA
Class 2 JPY170 mil 0.17%certs Feb. 2003 AAA
Class 3 JPY150 mil 0.22% certs Aug. 2003 AAA
Class 4 JPY130 mil 0.26% certs Feb. 2004 AAA
Class 5 JPY110 mil 0.33% certs Aug. 2004 AAA
Class 6 JPY90 mil 0.40% certs Feb. 2005 AAA
Class 7 JPY50 mil 0.50% certs Aug. 2005 AAA
Class 8 JPY330 mil 0.42% certs Semiannual pass through AAA
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Mike Drexler, +81-3-3593-8671, or Hiromi
Saito, +81-3-3593-8786, or Yu-Tsung Chang, +81-3-3593-8724, all
of Standard & Poor's, Tokyo
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