OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed nine outstanding classes of four Nissan Auto Receivables Owner Trusts: 2013-A, 2014-A, 2014-B and 2015-C. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The rating affirmations are based on available credit enhancement (CE) and loss performance of each transaction. The collateral pools continue to perform within Fitch's expectations. Based on the current structure and CE, the securities are able to withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.

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.

In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited strong performance with losses well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pool to have potential 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 Receivables 2013-A Owner Trust

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

Nissan Auto Receivables 2014-A Owner Trust

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

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

Nissan Auto Receivables 2014-B Owner Trust

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

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

Nissan Auto Receivables 2015-C Owner Trust

--Class A-2a at 'AAAsf'; Outlook Stable;

--Class A-2b at 'AAAsf'; Outlook Stable;

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

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