OREANDA-NEWS. Fitch Ratings has affirmed its ratings on the four outstanding classes of Nissan Auto Lease Trust 2015-A at 'AAAsf'/Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect loss coverage levels consistent with the current ratings. Credit and residual performance have been within Fitch's expectations to date. The Stable Outlook reflects Fitch's expectation for loss coverage and credit enhancement to continue to increase as the transaction amortizes.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited strong credit and residual performance, inside Fitch's initial expectations with rising loss coverage. Due to the growing credit enhancement levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.