Fitch Affirms Two Classes of Nissan Auto Lease Trust 2013-B

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

KEY RATING DRIVERS

The affirmations reflect the increase in credit enhancement since closing and credit and residual performance that remain consistent with Fitch's initial expectations to date. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the current ratings.

Despite the affirmations, residual performance for the NMAC platform has weakened slightly over the last year. However, residual and credit losses remain within Fitch's expectations and we will continue to monitor economic conditions and their impact to trust level performance variables and update the ratings accordingly.

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.

To date, the transaction has exhibited credit and residual performance consistent with Fitch's initial expectations with rising loss coverage. Despite the growth in credit enhancement to date, the residual portion of the transaction continues to become a larger percentage of the securitization value. As a result, the transaction continues to be sensitive to fluctuations in residual values. A material deterioration in vehicle values could potentially have a 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 transaction in this review can be found in 'Nissan Auto Lease Trust 2013-B -- 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 June 12, 2015.

Fitch has affirmed the following ratings:

Nissan Auto Lease 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

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. 06 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

Nissan Auto Lease Trust 2013-B - Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=721057

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=990890

Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990890

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

Contacts

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