Fitch Ratings has affirmed the following outstanding notes issued by Nissan Master Owner Trust Receivables as a result of its annual review of the trust: NMOTR, Series 2012-A
NMOTR, Series 2012-B
NMOTR, Series 2013-A
Key Rating Drivers
The affirmation on the notes is reflective of the strong dealer health and stable trust performance metrics, consistent with the current ratings. The trust continues to perform within Fitch's expectations.
The rating actions are based on the application of Fitch's global dealer floorplan ABS criteria, and the breakeven net loss coverage levels provided by the structure's credit enhancement, which is currently comprised of overcollateralization and a 1 percent cash reserve account.
Fitch's review of the assumptions and stresses during the initial rating review and the current coverage levels, are consistent with the approach outlined in the criteria for Category B DFP platforms. NMOTR's classification remains unchanged at Category B for the purposes of this review.
The assets securing the notes consist of an undivided interest in a pool of revolving DFP receivables that were originated by
Fitch will continue to monitor NMOTR and may take additional rating action in the event of changes in performance and/or credit enhancement.
To conduct rating sensitivity for the issued notes, under a category B DFP platform, Fitch assumes portfolio default levels at 5 percent, 10 percent, and 15 percent, and under two recovery-level scenarios of 50 percent and 30 percent. Fitch modeled this series with the assumption that the above defaults have occurred, reflecting asset performance in a stressed environment. Please refer to each individual transaction's presale report for further detail, the most recent of which is titled 'Nissan Master Owner Trust, Series 2013-A', dated
Fitch's analysis of the Representation and Warranties of the transactions in this review initially rated on or after
Additional information is available at 'fitchratings.com'.
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Fitch Ratings has affirmed the following outstanding notes issued by Nissan Master Owner Trust Receivables as a result of its annual review of the trust:
NMOTR, Series 2012-A