Fitch Affirms Two Classes of Nissan Auto Receivables 2013-B Owner Trust

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings affirms two outstanding classes of the Nissan Auto Receivables 2013-B Owner Trust. A full list of rating actions follows at the end of this press release.

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 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.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action

Fitch's analysis of the Representation and Warranties (R&W) of the transactions in this review can be found in 'Nissan Auto Receivables 2013-B Owner Trust -- 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 the Global Structured Finance Transactions' dated March 26, 2015.

Fitch has affirmed the following ratings:

Nissan Auto Receivables Owner Trust 2013-B

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

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

Additional information is available at www.fitchratings.com

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

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

Rating Criteria for US Auto Loan ABS (pub. 10 Apr 2015)

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

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986498

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986498

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Yun Tian
Associate Director
+1-212-908-0307
Fitch Ratings. Inc
33 Whitehall Street,
New York, NY 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Yun Tian
Associate Director
+1-212-908-0307
Fitch Ratings. Inc
33 Whitehall Street,
New York, NY 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com