OREANDA-NEWS. Fitch Ratings has affirmed two classes of notes issued by Nifty Warehouse Trust No.1. The transaction is backed by a pool of Australian auto receivables originated by Nissan Financial Services Australia Pty Ltd, and issued by Perpetual Corporate Trust Limited in its capacity as trustee of Nifty Warehouse Trust No. 1.

The rating actions are listed below:

AUD175m Class A1 notes affirmed at 'AAAsf'; Outlook Stable; and

AUD175m Class A2 notes affirmed at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit enhancement supports the notes at their current ratings, the agency's expectations of Australia's economic conditions, and that the credit quality and performance of the underlying loans have remained within the agency's expectations.

The collateral pool is subject to excess concentration parameters and eligibility criteria to limit pool concentration of loan product and asset types, obligor and geographic exposure, and various asset characteristics.

Gross losses and net losses have tracked below Fitch's base case to date, and excess spread has been more than sufficient to cover all losses experienced by the trust.

RATING SENSITIVITIES

The prospect of downgrades is considered remote at present given the pool's expected performance, and the existence of adequate excess spread and subordination.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction because it does not involve the use of offering documents. For further information, please see Fitch's Special Report titled "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated 26 March 2015.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the information it has received about the performance of the underlying pools and the transactions. There were no findings that were material to this analysis.