Fitch Affirms Nissan Auto Lease Trust 2012-A

NEW YORK--()--Fitch Ratings affirms two classes of the Nissan Auto Lease Trust 2012-A transaction as part of its ongoing surveillance, listed below:

Nissan Auto Lease Trust 2012-A

--Class A-3 notes at 'AAAsf'; Outlook Stable;

--Class A-4 notes at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect the increase in credit enhancement since closing and strong collateral performance. Credit and residual losses have been well within Fitch's expectations to date. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover 'AAAsf' stressed loss levels.

Fitch will continue to monitor economic conditions and their impact as well as trust level performance variables and update the ratings accordingly.

RATING SENSITIVITY

Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited strong credit and residual performance, well within Fitch's initial expectations with rising loss coverage. Due to the growing credit enhancement levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.

Fitch's stress and rating sensitivity analyses are discussed in the presale reports titled 'Nissan Auto Lease Trust 2012-A (US ABS)', dated March 13, 2012, which is available on Fitch's web site.

Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'Nissan Auto Lease Trust 2012-A -- Appendix'. 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 Global Structured Finance Transactions' dated April 17, 2012.

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

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Auto Lease ABS' (April 30, 2013);

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

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (April 17, 2012);

--'Nissan Auto Lease Trust 2012-A (US ABS)' (March 13, 2012);

--'Nissan Auto Lease Trust 2012-A - Appendix' (March 13, 2012).

Applicable Criteria and Related Research:

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706699

Global Structured Finance Rating Criteria

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

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions -- Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Nissan Auto Lease Trust 2012-A (U.S. ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=673873

Nissan Auto Lease Trust 2012-A -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674251

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821048

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Contacts

Fitch Ratings
Surveillance Analyst:
Eugene Kushnir, +1-212-908-0830
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, New York 10004
or
Committee Chairperson:
John Bella, +1-212-908-0243
Managing Director
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Surveillance Analyst:
Eugene Kushnir, +1-212-908-0830
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, New York 10004
or
Committee Chairperson:
John Bella, +1-212-908-0243
Managing Director
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com