Bangkok--29 Jun--Moody's Asia Moody's Investors Service has assigned the Aaa rating to the secured floating rate notes (the "notes") issued by Hyundai Capital Auto Funding VI Limited. Hyundai Capital Services, Inc. ("Hyundai") is the originator of the underlying auto loan receivables, and the transaction is brought to the market by ING Bank N.V. and The Royal Bank of Scotland plc. This is Hyundai's seventh cross-border securitization deal rated by Moody's. The complete rating action is as follows: Issuer: Hyundai Capital Auto Funding VI Limited USD400,000,000 Secured Floating Rate Notes due 2015, rated Aaa The rating addresses the expected loss posed to investors by the legal final maturity date. The structure allows for timely payment of interest and ultimate repayment of principal with respect to the notes by the legal final maturity date. In assigning the rating, Moody's considered, among other things, the following factors: 1. the credit quality of the underlying auto loan receivables; 2. the subordination provided by the Class B certificate; 3. the fully funded reserve to cover certain liquidity requirements -- such as interest shortfalls or expenses arising in the event of servicer transfer; 4. the KRW/USD cross-currency and interest rate swap provided by ING Bank N.V. -- acting through its Seoul branch -- as the swap counterparty ("ING Seoul", Aa1/P-1/B for head office's rating); 5. the transaction's structural features, including the various triggers involved in servicer termination events and early amortization events; 6. the legal protections provided in the transaction, including registration under the Act on Asset-Backed Securitization, enacted in September 1998; 7. the experience of Hyundai as the originator and the servicer; and 8. the experience of Citibank Korea Inc. as both the trustee and standby back-up servicer. Moody's Aaa rating addresses only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments, have not been addressed, and they may have a significant impact on the yield to investors.TRANSACTION SUMMARY The note issuer, Hyundai Capital Auto Funding VI Limited, uses the notes issuance proceeds to subscribe for the floating rate bond (the "bond") issued by Autopia Thirty-Sixth Securitization Specialty Co. (the "bond issuer"). The bond issuer, in turn, uses the bond proceeds to subscribe for the Class A certificate from a Korean trust (the "trust"). In addition to the Class A certificate, the trust also issues the Class B certificate and Hyundai subscribes for it. Hyundai entrusted a pool of auto loan receivables to the trust in exchange of the Class A certificate proceeds and Class B certificate. Collections from these receivables are used to fulfill various payment obligations under the transaction. The transaction has a 4-year revolving period, followed by a 28-month controlled amortization period. The notes pay monthly interest at the rate of 1-month Libor plus a spread. The principal will be repaid in 28 installments during the controlled amortization period. With the occurrence and declaration of any of the early amortization triggers, the revolving or the controlled amortization periods will end immediately, and the principal collections will be passed through to the noteholders to accelerate principal repayments. ING Seoul provides a swap to mitigate currency and interest rate mismatches arising from the differences in the currencies and interest rates between the auto loan receivables and the notes. The swap also protects against non-transferability and inconvertibility risks. The underlying collateral comprises two types of loans originated by Hyundai -- auto loan 642 and auto loan 102. From its analysis, Moody's believes that the subordination provided by the Class B certificate offers sufficient protection to the noteholders against any losses incurred by a set-off event, a commingling event, and potential defaults in the underlying auto loans and that it is consistent with the Aaa rating. A more detailed analysis of the transaction is available at Moody's website: http://www.moodys.com THE COMPANIES The note issuer is a newly established, bankruptcy-remote, special purpose company incorporated in the Cayman Islands. Hyundai is the originator and servicer of the auto loan receivables and Citibank Korea Inc. is the standby back-up servicer and the Korean trustee. Moody's believes that both Hyundai and Citibank Korea Inc. are capable of performing their duties and satisfying the requirements laid out in the transaction documents. Moody's Investors Service is a publisher of rating opinions and research. It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities. Hong Kong Jerome Cheng VP - Senior Credit Officer Structured Finance Group Moody's Asia Pacific Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (852) 2916-1121 Hong Kong Marie Lam Vice President - Senior Analyst Structured Finance Group Moody's Asia Pacific Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (852) 2916-1121