CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed all classes of Nissan Auto Lease Trust 2014-A at 'AAAsf'. The Rating Outlook is Stable.
KEY RATING DRIVERS
The affirmations reflect loss coverage levels consistent with the current ratings. Credit and residual performance has been within Fitch's expectations to date. The Stable Outlook reflects Fitch's expectation for loss coverage and credit enhancement to continue to improve as the transactions amortize.
RATING SENSITIVITIES
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, inside 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.
DUE DILIGENCE USAGE
No third party due diligence was provided or
reviewed in relation to this rating action.
For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue report dated June 18, 2014. Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'Nissan Auto Lease Trust 2014-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 March 26, 2015.}
Fitch has affirmed the following ratings:
--Class A-2a at 'AAAsf';
Outlook Stable;
--Class A-2b at 'AAAsf'; Outlook Stable;
--Class
A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook
Stable.
Additional information is available at www.fitchratings.com.
Applicable Criteria
Criteria for Rating U.S. Auto Lease ABS (pub.
24 Apr 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864500
Global
Structured Finance Rating Criteria (pub. 31 Mar 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268
Additional Disclosures
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985766
Endorsement
Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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