Fitch Affirms Two Classes of Nissan Auto Receivables Owner Trust 2011-A
NEW YORK -- April 1, 2013
Fitch Ratings affirms Nissan Auto Receivables Owner Trust 2011-A as part of
its ongoing surveillance process.
KEY RATING DRIVERS
The ratings are based on available credit enhancement and loss performance.
The collateral pools continue to perform within Fitch's expectations. In
addition, under the credit enhancement structure, the securities are able to
withstand stress scenarios consistent with the current ratings and make full
payments to investors in accordance with the terms of the documents.
As before, the ratings reflect the quality of Nissan Motor Acceptance
Corporation (NMAC) retail auto loan originations, the sound financial and
legal structure of the transactions, and servicing provided by NMAC.
Unanticipated increases in the frequency of defaults and loss severity could
produce loss levels higher than the current projected base case loss proxy
which would impact available loss coverage. Lower loss coverage could impact
ratings and Rating Outlooks, depending on the extent of the decline in
coverage. In Fitch's initial review of the transaction, the notes were found
to have limited sensitivity to 1.5x and 2.5x higher of Fitch's base case loss
expectations. Initial key rating drivers and rating sensitivities are further
described in the presale report published on April 11, 2011.
To date, the transaction has exhibited strong performance with losses well
within Fitch's initial expectations with rising loss coverage and multiple
levels. As such, continued strong performance for this transaction would most
likely result in further positive rating actions. Conversely, a material
deterioration in performance would have to occur within the asset pool to have
potential negative impact on the outstanding ratings.
Fitch affirms the outstanding notes as follows:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.
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:
--'U.S. Auto Loan ABS Rating Criteria' dated April 16, 2012;
--'Global Structured Finance Rating Criteria' dated June 16, 2012.
Applicable Criteria and Related Research
Rating Criteria for U.S. Auto Loan ABS
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ON THE FITCH WEBSITE.
John Alberici, +1 212-908-0370
Fitch Ratings, Inc.
One State St. Plaza
New York, New York 10004
Kevin Corrigan, +1 212-908-0156
Sandro Scenga, +1 212-908-0278
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