Fitch Affirms Nissan Master Owner Trust 2012-A & 2012-B

  Fitch Affirms Nissan Master Owner Trust 2012-A & 2012-B

Business Wire

CHICAGO -- May 3, 2013

Fitch Ratings has affirmed the following outstanding notes and Rating Outlooks
issued by Nissan Master Owner Trust Receivables (NMOTR) following its annual
review.

Series 2012-A

--$1,000,000,000 class A at 'AAAsf'; Outlook Stable.

Series 2012-B

--$250,000,000 class A at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation on the notes is reflective of the available loss coverage and
stable performance consistent with the current ratings. The trust continues to
perform within Fitch's expectations.

The rating actions are based on the application of Fitch's global dealer
floorplan ABS criteria, and the breakeven net loss coverage levels provided by
the structure's credit enhancement, currently comprised of
overcollateralization of 20.50% and a 0.60% cash reserve account. Fitch's
review of the assumptions and stresses during the initial rating review and
the current coverage levels (provided by the credit enhancement) is consistent
with the approach outlined in the criteria for Category B DFP platforms, which
NMOTR is assigned as.

The assets securing the notes consist of an undivided interest in a pool of
revolving dealer floorplan receivables that were originated by Nissan Mortgage
Acceptance Corp.. They are utilized to provide wholesale financing to U.S.
automotive dealers of Nissan Motor Company and other original automobile
manufacturers.

Fitch will continue to monitor NMOTR and may take additional rating actions in

the event either performance and/or credit enhancement changes.

RATING SENSITIVITIES

To conduct rating sensitivity for the issued notes, under a category A dealer
floorplan platform, Fitch assumes portfolio default levels at 5%, 10%, and
15%, and under two recovery-level scenarios of 50% and 30%. Fitch modeled this
series with the assumption that the above defaults have occurred, reflecting
asset performance in a stressed environment. Additional details for each
transaction are available in Fitch's presale reports, the links of which are
available at the end of the press release.

Individual Representations, Warranties, and Enforcement Mechanisms reports are
also available for all structured finance transactions initially rated on or
after Sept. 26, 2011 at 'www.fitchratings.com'.

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

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 22, 2013);

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

--'Nissan Master Owner Trust Receivables, Series 2012-A and 2012-B' (May 14,
2012).

Applicable Criteria and Related Research

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=698609

Global Structured Finance Rating Criteria

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

Nissan Master Owner Trust Receivables, Series 2012-A and 2012-B (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679172

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=790405

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OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Juveria Mozaffar, +1-312-606-2335
Director
Fitch Ratings, Inc., 70 W. Madison Street, Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director, +1-312-368-2091
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com
 
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