Fitch Expects to Rate Nissan Auto Receivables 2012-A Owner Trust; Presale Issued

Fitch Ratings expects to assign the following ratings to the Nissan Auto Receivables 2012-A Owner Trust notes:

--$246,000,000 class A-1 'F1+sf';

--$315,000,000 class A-2 'AAAsf'; Outlook Stable;

--$334,000,000 class A-3 'AAAsf'; Outlook Stable;

--$105,000,000 class A-4 'AAAsf'; Outlook Stable.

Key Rating Drivers

Strong Credit Quality: 2012-A is one of the strongest pools securitized to date by Nissan Motor Acceptance Corporation(NMAC) with the weighted average (WA) FICO at 763 and internal credit tiers 0 and 1 totaling 86.75% of the pool. New vehicles total 91.73% consistent with recent pools, and the pool exhibits geographic diversity.

Consistent Credit Enhancement Structure: The cash flow distribution in 2012-A is a sequential-pay structure. Initial hard credit enhancement (CE) in 2012-A is consistent with recent deals, and overall CE is sufficient to cover expected lifetime cumulative net losses (CNL).

Strong Portfolio/Securitization Performance: Losses and delinquencies on NMAC's portfolio and 2009-2011 securitizations continue to improve, driven by the credit quality present, enhanced servicing policies, improvement in the U.S. economy albeit volatile, and strong recovery rates.

Stable Corporate Health: Fitch does not rate NMAC. The current Fitch long-term issuer default rating (IDR) for Nissan Motor Co., Ltd. (Nissan), the parent of NMAC, is 'BBB' with a Stable Rating Outlook.

Consistent Origination/Underwriting/Servicing: NMAC demonstrates adequate capabilities as originator, underwriter, and servicer, evidenced by historical portfolio delinquencies and losses, and securitization performance. Fitch deems NMAC capable to adequately service 2012-A.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of NMAC would not impair the timeliness of payments on the securities.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at [phone] or at '[e-mail]'.

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 Structured Finance Rating Criteria', Aug. 4, 2011;

--'U.S. Auto Loan ABS Rating Criteria', April 20, 2011.;

--'Structured Finance Tranche Thickness Metrics', July 29, 2011.

Applicable Criteria and Related Research: Nissan Auto Receivables 2012-A Owner Trust (U.S. ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=671553

Structured Finance Tranche Thickness Metrics

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951

U.S. Auto Loan ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=614367

Global Structured Finance Rating Criteria

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts:

Fitch Ratings
Primary Analyst
Smitha Dawson, [phone]
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard, [phone]
Senior Director
or
Committee Chairperson
Brad Sohl, [phone]
Senior Director
or
Media Relations:
Sandro Scenga, [phone]
Email: [e-mail]