NEW YORK--(BUSINESS WIRE)--As part of its ongoing surveillance, Fitch Ratings affirms two classes of the Nissan Auto Receivables Owner Trust 2012-B as detailed below:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The rating affirmations are based on available credit enhancement and loss performance. The collateral pool continues to perform within Fitch's expectations. Based on the current structure and credit enhancement, the securities are able to withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.
RATING SENSITIVITIES
Unanticipated increases in the frequency of default and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiple levels for the transaction. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.
In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited strong performance with losses well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.
Fitch's analysis of the Representation and Warranties (R&W) of Nissan Auto Receivables Owner Trust 2012-B can be found in 'Nissan Auto Receivables 2012-B Owner Trust -- Appendix'. The 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 March 26, 2015.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Rating Criteria for U.S. Auto Loan ABS', dated April 10, 2015;
--'Global Structured Finance Rating Criteria', dated March 31, 2015;
--'Nissan Auto Receivables 2012-B Owner Trust -- Appendix'(July 30, 2012).
Applicable Criteria and Related Research:
Rating Criteria for US Auto Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863979
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268
Nissan Auto Receivables 2012-B Owner Trust -- Appendix
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685459
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984150
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