Fitch Affirms 3 Classes of Nissan Auto Receivables 2013-C Owner Trust

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings affirms three classes of the Nissan Auto Receivables 2013-C Owner Trust as detailed below:

Nissan Auto Receivables 2013-C Owner Trust:

--Class A-2 at 'AAAsf'; Outlook Stable;

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

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

KEY RATING DRIVERS

The rating affirmations are based on available credit enhancement and loss performance. The collateral pool continues to perform within Fitch's expectations. Based on the current structure and credit enhancement, the securities are able to withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact ratings and Outlooks, depending on the extent of the decline in coverage.

In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited strong performance with losses well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representation and Warranties (R&W) of Nissan Auto Receivables Owner Trust 2013-C can be found in 'Nissan Auto Receivables 2013-C Owner Trust -- Appendix'. The 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:

--'Rating Criteria for U.S. Auto Loan ABS' (April 24, 2014);

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Nissan Auto Receivables 2013-B Owner Trust -- Appendix'(Dec. 3, 2013).

Applicable Criteria and Related Research:

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738718

Global Structured Finance Rating Criteria - Effective from 20 May 2014 to 4 August 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Nissan Auto Receivables 2013-B Owner Trust -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711096

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=890954

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Contacts

Fitch Ratings
Primary Analyst
John Alberici, +1 212-908-0370
Analyst
Fitch Ratings, Inc.
33 Whitehall Street
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, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
John Alberici, +1 212-908-0370
Analyst
Fitch Ratings, Inc.
33 Whitehall Street
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, +1 212-908-0278
sandro.scenga@fitchratings.com