'AAA' to Orico Funding V Auto Loan-Backed Notes.

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

Nov. 10, 1999-- Standard & Poor's today assigned its triple-'A' ratings to OSCAR Funding Corp. V's (Oscar V) US$200 million floating-rate notes and Euro130 million floating-rate notes. The ratings address the full and timely payment of monthly interest and the ultimate full repayment of principal by the legal final maturity in November 2004. The notes are secured by Y36 billion of fixed-rate bonds issued by Orico Euro Funding Corp. No. V (OEFC V). The bonds, in turn, are secured by a senior beneficial interest in a trust created with Dai-Ichi Kangyo Fuji Trust & Banking Co. Ltd. from a pool of auto-loan receivables originated by Orient Corp. (Orico). An aggregate amount of about Y42.9 billion of auto loans are entrusted by Orico to the trust.

This is the fifth cross-border securitization for Orico, following transactions completed in March 1998, August 1998, December 1998, and May 1999. Standard & Poor's assigned its triple-'A' rating to the four previous transactions.

The ratings on the notes are based on:

--   Overcollateralization of about Y6.9 billion, or 16% of the pool
     balance;

--   A nonamortizing reserve account funded at closing with Y440
     million;

--   The relatively high level of expected excess spread to cover any
     interest shortfalls;

--   The status of Oscar V and OEFC V as special-purpose,
     bankruptcy-remote entities; and

--   A swap agreement with a triple-'A' rated counterparty to mitigate
     currency and interest rate risks, Standard & Poor's
     said. ---CreditWire