Fitch Affirms Nissan Auto Lease Trust 2012-A
NEW YORK -- March 4, 2013
Fitch Ratings has affirmed four classes of notes issued by Nissan Auto Lease
Trust 2012-A as follows:
--Class A-2a notes at 'AAAsf'; Outlook Stable;
--Class A-2b notes at 'AAAsf'; Outlook Stable;
--Class A-3 notes at 'AAAsf'; Outlook Stable;
--Class A-4 notes at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS:
The affirmations reflect the increase in credit enhancement since closing and
strong collateral performance. Credit and residual performance has been well
within Fitch's expectations to date. The Stable Outlook reflects Fitch's
expectation that the notes will remain sufficiently enhanced to cover stressed
loss levels consistent with the current ratings.
Fitch will continue to monitor economic conditions and their impact and the
trust level performance variables and update the ratings accordingly.
Unanticipated increases in the frequency of defaults or deterioration in
vehicle values could produce loss levels higher than the current expectations
and impact available loss coverage. Lower loss coverage could impact ratings
and Rating Outlooks, depending on the extent of the decline in coverage.
To date, the transaction has exhibited strong credit and residual performance,
well within Fitch's initial expectations with rising loss coverage. Despite
the growth in credit enhancement to date, the residual portion of the
transaction continues to become a larger percentage of the securitization
value. As a result, the transaction continues to be sensitive to fluctuations
in residual values. A material deterioration in vehicle values could
potentially have a negative impact on the outstanding ratings.
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.
The information used to assess these ratings was sourced from the issuer,
periodic trustee reports, note valuation reports, and the public domain.
Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Auto Lease ABS' dated May 14, 2012;
--'Global Structured Finance Rating Criteria' dated June 6, 2012.
Applicable Criteria and Related Research
Criteria for Rating U.S. Auto Lease ABS
Global Structured Finance Rating Criteria
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Eugene Kushnir, +1-212-908-8030
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
Bradley Sohl, +1-312-368-3127
Sandro Scenga, +1-212-908-0278
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