OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings affirms two outstanding classes of the Nissan Auto Lease Trust 2014-B at their current ratings. A full list of rating action follows at the end of this release.

KEY RATING DRIVERS

The affirmations reflect the increase in credit enhancement since closing and credit and residual loss performance that remain within Fitch's initial expectations to date. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the current ratings.

Despite the affirmations, residual performance for the NMAC platform has slightly weakened over the last year, but remains within initial expectations. However, Fitch will continue to monitor trust level performance metrics and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited credit and residual loss performance consistent with Fitch's initial expectations with rising loss coverage. Despite the growth in credit enhancement to date, the outstanding residual value percentage of the transaction continues to become a larger portion of the securitization value. As a result, the transaction continues to be sensitive to fluctuations in residual values. A material deterioration in vehicle values could potentially have a negative impact on the outstanding ratings.

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.

Fitch has affirmed the following ratings:

Nissan Auto Lease Trust 2014-B:

--Class A-3 at 'AAAsf'; Outlook Stable;

--Class A-4 at 'AAAsf'; Outlook Stable.