Fitch Expects to Rate Nissan Auto Lease Trust 2012-B; Presale Issued

  Fitch Expects to Rate Nissan Auto Lease Trust 2012-B; Presale Issued

Business Wire

CHICAGO -- October 15, 2012

Link to Fitch Ratings' Report: Nissan Auto Lease Trust 2012-B (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=691855

Fitch Ratings expects to assign the following ratings and Outlooks to the
notes issued by Nissan Auto Lease Trust (NALT) 2012-B:

--Class A-1 asset-backed notes 'F1+sf';

--Class A-2a asset-backed notes 'AAAsf'; Outlook Stable;

--Class A-2b asset-backed notes 'AAAsf'; Outlook Stable;

--Class A-3 asset-backed notes 'AAAsf'; Outlook Stable; and

--Class A-4 asset-backed notes 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: The weighted average (WA) FICO score of 745 is
consistent with prime auto lease ABS and indicates a strong credit quality
lessee. The pool is primarily composed of 39-month leases, has seasoning of
more than 11 months, and has a residual composition consistent with prior
pools.

Consistent CE Structure: 2012-B incorporates a sequential-pay structure.
Initial credit enhancement (CE) is 17.50% of the initial securitization value,
growing to 18.50% of the initial securitization value. Excess spread is
expected to be 5.28%.

Strong Credit and Residual Losses: Credit and residual losses on NMAC's
portfolio and recent NALT securitizations have declined significantly from the
elevated levels seen in 2007 and 2008. This is supported by the improved
obligor credit quality and a strong wholesale used vehicle market resulting in
higher recovery rates.

Improved Residual Maturity Diversification: While Fitch remains cautious of
the potential impact of general economic weakness and rising fuel prices on
demand for used vehicles, residual realizations have improved in recent years.
The concentration of residual maturities has improved compared with 2012-A.

Unhedged Floating-Rate Class A-2b: The class A-2b notes in 2012-B are expected
to pay interest on a floating-rate basis while the assets pay a fixed rate and
will not be hedged. As such, Fitch has stressed the transaction structure
using its 'AAA' LIBOR-up stressed assumptions.

Uncertain Macroeconomic Conditions: The stability of the U.S. and global
economic recovery remains a concern, as economic deterioration could lead to
increased losses in 2012-B.

The presale report is available to all investors on Fitch's website at
'www.fitchratings.com'. For more information about Fitch's comprehensive
subscription service FitchResearch, which includes all presale reports,
surveillance, and credit reports on more than 20 asset classes, contact
product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Criteria for Rating US Auto Lease ABS' (May 14, 2012);

--'Criteria for Interest Rate Stresses in Structured Finance Transactions'
(March 20, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137

Criteria for Interest Rate Stresses in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=673560

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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Contact:

Fitch Ratings
Primary Analyst
Margaret Myers
Associate Director
+1-312-368-3167
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Bradley Sohl
Senior Director
+1-312-368-3127
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-3167
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
 
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