Fitch Rates Nissan Master Owner Trust Receivables Series 2015-A

Fitch Ratings assigns the following rating and Rating Outlook to the notes issued by Nissan Master Owner Trust Receivables series 2015-A (2015-A):

--$550,000,000 Class A-1 notes 'AAAsf'; Outlook Stable;

--$350,000,000 Class A-2 notes 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

Strong Receivables Quality: The receivables have approximately 90% new vehicles comprising mainly Nissan and Infiniti new and used vehicles, as well as a small portion of other OEMs.

Asset Concentrations: Dealers are subject to concentration limits, mitigating the risk of individual dealer defaults and losses. The exposure to individual vehicle types, dealer credit ratings and state concentrations is mitigated by concentration limits.

Strong Dealer Network: Based on a review of dealer financial metrics and NMAC's internal dealer risk ratings (categorized into four distinct groups), the financial health of the participating dealer network is currently strong with the majority of dealers profitable through fourth quarter 2014 (4Q'14).

Strong Trust Performance: NMOTR continues to exhibit positive trends in overall performance metrics, including elevated monthly payment rates (MPRs) and asset yields, low agings and delinquencies, and minimal dealer defaults and trust losses.

Sufficient Credit Enhancement: Initial hard credit enhancement (CE) for class A notes is 19.41% (19.00% overcollateralization [OC] and a 0.41% reserve), down from 19.90% in 2013-A. Structural features, including early amortization triggers, mitigate risks stemming from dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: NMAC demonstrates adequate abilities as an originator, underwriter and servicer, as evidenced by the historical delinquency and loss performance of NMOTR.

RATING SENSITIVITIES

To conduct rating sensitivity for the issued notes, under a category B Dealer Floorplan platform, Fitch assumes portfolio default levels at 10%, 25%, and 40%, and under two recovery-level scenarios of 50% and 30%. Fitch modeled the series with the assumption that the above defaults have occurred and recoveries stressed accordingly, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'Fitch Rates Nissan Master Owner Trust Receivables Series 2015-A - Appendix'. These 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 April 17, 2012.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 6, 2015);

--'Global Structured Finance Rating Criteria' (May 4, 2014);

--'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transaction' (Oct. 31, 2014)

--'Nissan Master Owner Trust Receivables Series 2015-A -- Appendix' (Jan. 26, 2015);

--'Nissan Master Owner Trust Receivables Series 2015-A (Jan. 26, 2015).

Applicable Criteria and Related Research:

Nissan Master Owner Trust Receivables, Series 2015-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=851208

Nissan Master Owner Trust Receivables, Series 2015-A - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=852928

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=833468

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978918

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