OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed the Nissan Canada Auto Receivables Limited Partnership series class A notes at 'AAsf' with a Stable Outlook.

KEY RATING DRIVERS
The affirmations reflect the increase in credit enhancement since closing and strong collateral performance. Credit and residual performance has been well within Fitch's expectation 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.

Fitch will continue to monitor economic conditions and the trust level performance variables, and update the ratings accordingly.

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. 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 credit and residual performance with losses within Fitch's initial expectations with rising loss coverage. Despite the growth in credit enhancement to date, the residual portion of the transaction continues to become a larger percentage of the securitization value. As a result, the transaction continues to be sensitive to fluctuations in residual values. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action

Fitch's analysis of the Representation and Warranties (R&W) of the transactions in this review can be found in 'Nissan Canada Auto Receivables Limited Partnership Promissory Notes 2012-01 Appendix. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions' dated March 26, 2015.