Fitch Expects to Rate Honda Auto Receivables 2007-1 Owner Trust 'F1+/AAA'.

NEW YORK -- Fitch expects to rate the Honda Automobile Receivables 2007-1 owner trust asset-backed notes as follows:

--$319,000,000 class A-1 5.322% 'F1+';

--$329,000,000 class A-2 5.25% 'AAA';

--$389,000,000 class A-3 5.10% 'AAA';

--$174,170,000 class A-4 5.09% 'AAA';

--$41,680,506 certificates, 'BBB'.

The certificates will be privately retained by the seller.

The securities are backed by a pool of retail installment sales contracts originated by American Honda Finance Corporation (AHFC) through its nationwide network of authorized Honda and Acura dealers.

The ratings address the likelihood that noteholders will receive full payments of interest and principal in accordance with the terms of the transaction documents. The expected ratings on all notes are based on the high quality of the receivables originated and serviced by AHFC, the transaction's sound legal and cash flow structure, the 3.75% initial credit enhancement provided by the 3.25% subordinated certificates and the 0.50% reserve account, the yield supplement account (YSA) designated to compensate for low annual percentage rates (APR), and the availability of excess spread.

As of February 1, 2007 (the cut-off date), the receivables consisted of 69,274 automobile loans with a total principal balance of $1.25 billion. The weighted average (WA) APR for the aggregate receivables is 6.05%, lower than 6.37% for the 2006-3 transaction. The WA original maturity of the pool is 56.2 months, and the WA remaining term is 50.4 months, resulting in 5.8 months of seasoning. Approximately 85% of the pool consists of loans secured by new vehicles. The credit tier distribution for 2007-1 as captured by Honda's proprietary credit scores is similar to that of 2006-3 and is generally comparable with those for previous transactions.

Principal is distributed on a modified pro rata basis, with the class A notes initially receiving all principal collections beginning with the class A-1 notes until paid in full. Once the classes A-1 and A-2 notes are retired, principal is still distributed sequentially among the remaining class A notes but pro rata with the certificates. The structure includes a trigger that switches distributions back to sequential if the reserve account is reduced to less than 0.25% of the original pool balance, provided the bond balance is greater than the reserve account balance.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.