NEW YORK–(BUSINESS WIRE)–Fitch Ratings has affirmed its ratings on the four outstanding classes
of Nissan Auto Lease Trust 2015-A at ‘AAAsf’/Outlook Stable.
KEY RATING DRIVERS
The affirmations reflect loss coverage levels consistent with the
current ratings. Credit and residual performance have been within
Fitch’s expectations to date. The Stable Outlook reflects Fitch’s
expectation for loss coverage and credit enhancement to continue to
increase as the transaction amortizes.
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
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to
this rating action.
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.
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14
Criteria for Interest Rate Stresses in Structured Finance Transactions
and Covered Bonds (pub. 17 May 2016)
Criteria for Rating U.S. Auto Lease ABS (pub. 24 Mar 2016)
Criteria for Servicing Continuity Risk in Structured Finance (pub. 17
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
Nissan Auto Lease Trust 2015-A — Appendix
Dodd-Frank Rating Information Disclosure Form
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