Fitch Affirms Nissan Master Owner Trust 2012-A & 2012-B
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
--$1,000,000,000 class A at 'AAAsf'; Outlook Stable.
--$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
Fitch will continue to monitor NMOTR and may take additional rating actions in
the event either performance and/or credit enhancement changes.
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,
Applicable Criteria and Related Research
Global Rating Criteria for Dealer Floorplan ABS
Global Structured Finance Rating Criteria
Nissan Master Owner Trust Receivables, Series 2012-A and 2012-B (US ABS)
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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
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.
Juveria Mozaffar, +1-312-606-2335
Fitch Ratings, Inc., 70 W. Madison Street, Chicago, IL 60602
Senior Director, +1-312-368-2091
Sandro Scenga, +1-212-908-0278 (New York)
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