Fitch Expects to Rate Nissan Auto Receivables 2013-A Owner Trust; Presale Issued

  Fitch Expects to Rate Nissan Auto Receivables 2013-A Owner Trust; Presale
  Issued

Business Wire

NEW YORK -- January 7, 2013

Fitch Ratings expects to assign the following ratings to the Nissan Auto
Receivables 2013-A Owner Trust notes:

--$237,000,000 class A-1 'F1+sf';

--$315,000,000 class A-2 'AAAsf'; Outlook Stable;

--$306,000,000 class A-3 'AAAsf'; Outlook Stable;

--$142,000,000 class A-4 'AAAsf'; Outlook Stable.

Key Rating Drivers

Strong Consistent Collateral Pool: The collateral composition and credit
quality of 2013-A is generally consistent with prior pools securitized by
Nissan Motor Acceptance Corp., with a weighted average (WA) Fair Isaac Corp.
(FICO) score of 763. However, the concentration of extended term contracts
(61+ months) has increased to 46.59% from 38.59% in 2012-B.

Sufficient Enhancement: The 2013-A transaction incorporates a sequential-pay
structure, consistent with prior transactions. Initial hard credit enhancement
(CE) totals 4.25% in 2013-A, consistent with recent transactions. Overall CE
is sufficient to cover the Fitch 'AAAsf'-stressed lifetime cumulative net loss
(CNL) assumption.

Strong Portfolio/Securitization Performance: NMAC portfolio and securitization
delinquencies and losses have declined in recent vintages. This improvement is
supported by the recovery of the U.S. economy, NMAC's implementation of new
underwriting policies in 2009 and 2010, and high credit quality originations.

Stable Origination, Underwriting, and Servicing Platform: Fitch believes NMAC
demonstrates adequate abilities to act as originator, underwriter, and
servicer to service 2013-A.

Integrity of Legal Structure: The legal structure of a transaction should
provide that a bankruptcy of NMAC would not impair the timeliness of payments
on the securities.

Unstable Economic Outlook: The slow recovery, impact from recent fiscal cliff
events and potential for volatility could affect delinquencies and losses.
Fitch's analysis accounts for this risk by including poorer performing
vintages from the recent recession in the base case loss analysis.

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;

--'Rating Criteria for U.S. Auto Loan ABS', April 16, 2012;

--'Structured Finance Tranche Thickness Metrics', July 29, 2011.

Applicable Criteria and Related Research: Nissan Auto Receivables 2013-A Owner
Trust (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=698220

Global Structured Finance Rating Criteria

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

Structured Finance Tranche Thickness Metrics

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674859

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Contact:

Fitch Ratings
Primary Analyst
Smitha Dawson, +1-212-908-0298
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard, +1-212-908-0214
Senior Director
or
Committee Chairperson
Du Trieu, +1-312-368-2091
Senior Director
or
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Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com
 
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