Fitch Affirms Nissan Master Owner Trust Receivables Outstanding Notes

NEW YORK--()--Fitch Ratings has affirmed the following outstanding notes issued by Nissan Master Owner Trust Receivables (NMOTR) as a result of its annual review of the trust:

NMOTR, Series 2012-A

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

NMOTR, Series 2012-B

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

NMOTR, Series 2013-A

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

KEY RATING DRIVERS

The affirmation on the notes is reflective of the strong dealer health and stable trust performance metrics, 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 (DFP) ABS criteria, and the breakeven net loss coverage levels provided by the structure's credit enhancement, which is currently comprised of overcollateralization and a 1% cash reserve account.

Fitch's review of the assumptions and stresses during the initial rating review and the current coverage levels, are consistent with the approach outlined in the criteria for Category B DFP platforms. NMOTR's classification remains unchanged at Category B for the purposes of this review.

The assets securing the notes consist of an undivided interest in a pool of revolving DFP receivables that were originated by Nissan Motor Acceptance Corp.

Fitch will continue to monitor NMOTR and may take additional rating action in the event of changes in performance and/or credit enhancement.

RATING SENSITIVITY

To conduct rating sensitivity for the issued notes, under a category B DFP 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. Please refer to each individual transaction's presale report for further detail, the most recent of which is titled 'Nissan Master Owner Trust, Series 2013-A', dated Feb. 19, 2013.

Fitch's analysis of the Representation and Warranties (R&W) of the transactions in this review initially rated on or after Sept. 26, 2011 can be found in the respective appendices listed below. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions' dated April 17, 2012.

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

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 13, 2014);

--'Global Structured Finance Rating Criteria' (May 24, 2013);

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

--'Nissan Master Owner Trust Receivables, Series 2013-A -- Appendix' (Feb. 19, 2013).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=728236

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Nissan Master Owner Trust Receivables, Series 2012-A and 2012-B - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679282

Nissan Master Owner Trust Receivables, Series 2013-A -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701839

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=820679

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND 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.

Contacts

Fitch Ratings
Primary Analyst
Timothy McNally, +1-212-908-0870
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard, +1-212-908-0214
Senior Director
or
Committee Chairperson
Du Trieu, +1-312-368-2091
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Timothy McNally, +1-212-908-0870
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard, +1-212-908-0214
Senior Director
or
Committee Chairperson
Du Trieu, +1-312-368-2091
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com