Fitch Ratings affirms the following outstanding notes issued by Nissan Master Owner Trust Receivables (NMOTR) as a result of its annual review of the trust:

NMOTR, Series 2013-A

--$1,000,000,000 class A notes at 'AAAsf'; Outlook Stable.

NMOTR, Series 2015-A

--$550,000,000 class A-1 notes at 'AAAsf'; Outlook Stable;

--$350,000,000 class A-2 notes at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

Quality of Wholesale Receivables: The receivables have approximately 90% new vehicles with mainly Nissan and Infiniti new and used vehicles, as well as a small portion of those of other manufacturers.

Asset Concentrations: Dealers are subject to concentration limits, mitigating the risk of individual dealer defaults and losses. The exposure to individual vehicle types, dealer credit ratings, and state concentrations are mitigated with concentration limits.

Strength of Dealer Network: Based on a review of dealer financial metrics and Nissan Motor Acceptance Corp.'s (NMAC) internal dealer risk ratings (categorized into four distinct groups), the financial health of the participating dealer network is currently strong.

Strong Trust Performance: NMOTR continues to exhibit positive trends in overall performance metrics, including elevated monthly payment rates (MPRs) and asset yields, low agings and delinquencies, and minimal dealer defaults and trust losses.

Sufficient Credit Enhancement: Hard credit enhancement (CE) for the class A notes in 2013-A and 2015-A is 20.00% and 19.51%, respectively, as a percent of each series' nominal liquidation amount. Structural features, including early CE step-ups and amortization triggers, mitigate risks stemming from dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: NMAC demonstrates adequate abilities as an originator, underwriter, and servicer, as evidenced by the historical delinquency and loss performance of NMOTR.

Current Economic Conditions: The slow U.S. economic recovery and volatility therein could affect the performance of this series. This is mitigated by the conservative analysis, stress assumptions applied and resulting loss coverage, and stable performance to date of NMOTR.

Legal Analysis: The legal structure of the transaction provides that a bankruptcy of NMAC would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

To conduct a rating sensitivity for the outstanding notes, under a category B DFP platform, Fitch assumes portfolio default levels at 5%, 10%, and 15% and under two recovery-level scenarios of 50% and 30%. Fitch modeled each series with the assumption that the above defaults have occurred, reflecting asset performance in a stressed environment. However, to date, performance for the trust has remained strong. A material deterioration would have to occur in performance to have potential negative impact on the ratings for each series.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Global Rating Criteria for Dealer Floorplan ABS (pub. 06 Jan 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=833468

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

Nissan Master Owner Trust Receivables, Series 2013-A -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701839

Nissan Master Owner Trust Receivables, Series 2015-A - Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=852928

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997786

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997786

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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