Fitch Rates Nissan Master Owner Trust Receivables, Series 2012-A & B

Fitch Ratings assigns the following ratings to Nissan Master Owner Trust Receivables (NMOTR), series 2012-A (2012-A) and 2012-B (2012-B) as detailed below.

Series 2012-A

--$1,000,000,000 class A notes 'AAAsf', Outlook Stable;

Series 2012-B

--$250,000,000 class A notes 'AAAsf', Outlook Stable.

Fitch's stress and rating sensitivity analysis are discussed in the presale report titled 'Nissan Master Owner Trust Receivables 2012-A/ 2012-B', dated May 14, 2012, which is available on Fitch's web site. The series 2012-A has a 3-year expected maturity with an expected principal payment date on May 15, 2015, while 2012-B has a 2-year expected maturity with an expected principal payment date on May 15, 2014. The class A notes from both series carry floating-rate coupons based off one-month LIBOR.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' dated Jan. 25, 2012;

--'Global Structured Finance Rating Criteria' dated Aug. 4, 2011.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666405

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Fitch Ratings
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Committee Chairperson:
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