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:

AUD250m Class A1 notes affirmed at 'AAAsf'; Outlook Stable; and
AUD250m 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.

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.