DBRS Morningstar Confirms Nissan Collateralized Auto Receivables, LLC

DBRS, Inc. (DBRS Morningstar) confirmed its rating of AAA (sf) on Nissan Collateralized Auto Receivables, LLC’s Facility.

The rating confirmation is based on DBRS Morningstar’s review of the following analytical considerations:

-- Transaction capital structure, current rating and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance as of October 2019.
-- The transaction is a securitization of auto loans.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar did have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on November 1, 2018, when DBRS Morningstar confirmed the rating on the Facility at AAA (sf).

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Mark Zelmanovich, Senior Vice President, U.S. ABS Surveillance – Global Structured Finance
Rating Committee Chair: Tim O’Neil, Managing Director, Head of Canadian Structured Finance
Initial Rating Date: November 20, 2013

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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