OREANDA-NEWS. Fitch Ratings has affirmed the ratings of Nifty Warehouse Trust No.3 as listed below. The transaction is backed by a pool of Australian auto receivables originated by Nissan Financial Services Australia Pty Ltd.

AUD500m Class A notes affirmed at 'AAAsf'; Outlook Stable.

The notes are issued by Perpetual Corporate Trust Limited in its capacity as trustee of Nifty Warehouse Trust No. 3.

KEY RATING DRIVERS
The affirmation reflects 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 sufficient to cover all losses experienced by the trust.

RATING SENSITIVITIES
The prospect of a downgrade is considered remote at present given the expected performance of the pool and the adequate excess spread and subordination.

A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports and/or links given under Related Research below.