Standard & Poor's today assigned its preliminary ratings to Toyota Auto Receivables 2000-A Owner Trust's $1.105 billion asset-backed notes series 2000-A (see list).

The preliminary ratings are based on information as of June 26, 2000. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

The preliminary ratings reflect overcollateralization of 3%, as of the cutoff date receivables, and a reserve account with an initial deposit of 0.25% of the initial receivables balance, growing to a cap of 0.75% of the outstanding receivables balance, and subject to a floor level equal to 0.5% of the initial receivables balance.

A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at http://www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said.


PRELIMINARY RATINGS ASSIGNED

Toyota Auto Receivables 2000-A Owner Trust
Class Amount ($) Rating
A-2 305,000,000 AAA
A-3 523,000,000 AAA
A-4 277,079,000 AAA