Fitch Affirms Four Classes of Nissan Auto Lease Trust 2015-A

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.

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.

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

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14
May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Interest Rate Stresses in Structured Finance Transactions
and Covered Bonds (pub. 17 May 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879815

Criteria for Rating U.S. Auto Lease ABS (pub. 24 Mar 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879019

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17
Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

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 2015-A — Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867065

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1005777

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1005777

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
Hylton Heard
Senior
Director
+1 212-908-0214
or
Media Relations, New York
Sandro
Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com