Fitch Affirms Two Classes of Nissan Auto Receivables Owner Trust 2012-B

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings affirms two classes of the Nissan Auto Receivables Owner Trust 2012-B as detailed below:

--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 default and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiple levels for the transaction. Lower loss coverage could impact ratings and Rating 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 2012-B can be found in 'Nissan Auto Receivables 2012-B 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 March 26, 2015.

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

Applicable Criteria and Related Research:

--'Rating Criteria for U.S. Auto Loan ABS', dated April 10, 2015;

--'Global Structured Finance Rating Criteria', dated March 31, 2015;

--'Nissan Auto Receivables 2012-B Owner Trust -- Appendix'(July 30, 2012).

Applicable Criteria and Related Research:

Rating Criteria for US Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863979

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Nissan Auto Receivables 2012-B Owner Trust -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685459

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984150

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Contacts

Fitch Ratings
Primary Analyst:
John Alberici, +1-212-908-0370
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York NY 10004
or
Secondary Analyst:
Yun Tian, +1-212-908-0307
Associate Director
or
Committee Chairperson:
Tracy Wan, +1-212-908-9171
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
John Alberici, +1-212-908-0370
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York NY 10004
or
Secondary Analyst:
Yun Tian, +1-212-908-0307
Associate Director
or
Committee Chairperson:
Tracy Wan, +1-212-908-9171
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com