Fitch Expects to Rate Nissan Auto Receivables 2011-B Owner Trust; Presale Issued

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NEW YORK--(BUSINESS WIRE)-- Fitch Ratings expects to assign the following ratings to the Nissan Auto Receivables 2011-B Owner Trust notes:

--$235,000,000 class A-1 'F1+sf';

--$389,000,000 class A-2 'AAAsf'; Outlook Stable;

--$296,000,000 class A-3 'AAAsf'; Outlook Stable;

--$80,000,000 class A-4 'AAAsf'; Outlook Stable.

Key Rating Drivers

Strong Credit Quality: 2011-B is one of the strongest pools securitized to date by Nissan Motor Acceptance Corporation(NMAC) with the weighted averaged (WA) FICO at 762 and internal credit tiers 0 and 1 totaling 87.83% of the pool. New vehicles total 91.03% consistent with recent pools, and the pool exhibits geographic diversity.

Consistent Credit Enhancement Structure: The cash flow distribution in 2011-B is a sequential-pay structure, consistent with prior transactions. Initial hard credit enhancement (CE) in 2011-B is consistent with recent deals, and overall CE is sufficient to cover expected lifetime cumulative net losses (CNL).

Strong Portfolio/Securitization Performance: Losses and delinquencies on NMAC's portfolio and 2009-2011 securitizations continue to improve, driven by the credit quality present, enhanced servicing policies, improvement in the U.S. economy albeit volatile, and strong recovery rates.

Stable Corporate Health: Fitch does not rate NMAC. The current Fitch long-term issuer default rating (IDR) for Nissan Motor Co., Ltd. (Nissan), the parent of NMAC, is 'BBB?' with a Positive Rating Outlook.

Consistent Origination/Underwriting/Servicing: NMAC demonstrates adequate capabilities as originator, underwriter, and servicer, evidenced by historical portfolio delinquency and loss experience and securitization performance. Fitch deems NMAC capable to adequately service 2011-B.

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

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', Aug. 16, 2010;

--'U.S. Auto Loan ABS Rating Criteria', April 20, 2011.;

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

--'Global Economic Outlook - Downward Revisions as Advanced Economies Stall', Oct. 3, 2011;

--'United States of America', Aug. 19, 2011.

Applicable Criteria and Related Research: Nissan Auto Receivables 2011-B Owner Trust (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655038

United States of America

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=540024

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

U.S. Auto Loan ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=614367

Structured Finance Tranche Thickness Metrics

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

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