APPENDIX G

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Presale: Honda Auto Receivables 2006-1 Owner Trust

Primary Credit Analyst: Amanda M Soriano New York (1) 212-438-2609 amanda_soriano@standardpoors.com

Secondary Credit Analyst: Nadine E Gunter New York (1)212-438-2475 nadine_gunter@standardpoors.com

Ratings Direct Publication Date March 21,2006

$1.261 Billion Asset-Backed Notes Series 2006-1

This presale report is based on information as of March 21,2006. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

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Profile

Expected closing date: March 28,2006.

Collateral: The $1.303 billion collateral pool consists of 74,512 fully amortizing, level, monthly pay auto loan contracts.

Underwriters: Barclays Capital and Citigroup.

Seller: American Honda Receivables Corp.

Servicer: American Honda Finance Corp.

Indenture trustee: JPMorgan Chase Bank N.A.

Owner trustee: Citibank N.A.

Rationale

The preliminary ratings assigned to Honda Auto Receivables 2006-1 Owner Trust's auto receivables asset-backed notes series 2006-1 reflect:

  • The credit enhancement provided by the 3.25% subordinated certificate s, a 0.50% reserve fund building to 0.75% of the initial pool ...

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