Nissan Auto Lease Trust 2019-A Notes Assigned Ratings

  • Nissan Auto Lease Trust 2019-A's issuance is an ABS transaction backed by prime auto lease receivables.
  • We assigned our ratings to the class A-1, A-2, A-3, and A-4 notes.
  • The ratings reflect our view of the transaction's credit support, collateral characteristics, and payment and legal structures, among other factors.
NEW YORK (S&P Global Ratings) April 15, 2019--S&P Global Ratings today 
assigned its ratings to Nissan Auto Lease Trust 2019-A's asset-backed notes 
(see list).

The note issuance is an asset-backed securities (ABS) transaction backed by 
prime auto lease receivables.

The ratings reflect: 
  • The availability of more than 21.5% credit enhancement, based on our stressed cash flow scenarios, in the form of 17.00% initial overcollateralization; a 0.50% nonamortizing reserve account; and excess spread (all percentages are expressed as a percentage of the pool's initial securitization value).
  • Our expectation that under a moderate 'BBB' stress scenario, all else being equal, our ratings on the class A notes would not be lowered more than one rating category from the ratings for the transaction's life. This is in line with our ratings stability criteria, which state that 'AAA' ratings will remain within one rating category for the first year and within three rating categories over three years (see "Methodology: Credit Stability Criteria," published May 3, 2010).
  • The credit quality of the underlying collateral, which consists of prime auto lease receivables that have a weighted average FICO of 758 for the pool.
  • The diversified mix of vehicle models in the pool.
  • The expected timing of the pool's residual maturities.
  • The historical retention values of the vehicles in the pool.
  • The pool's base residual, which reflects the lowest of: (a) Automotive Lease Guide's (ALG's) current forecast of each vehicle's residual value at lease maturity, (b) ALG's current residual forecast ("mark-to-market") adjusted for non-value added options (MRM residual), and (c) contract residual.
  • The timely interest and full principal payments by the notes' legal final maturity dates made under cash flow scenarios that we stressed for credit and residual losses that are consistent with the ratings assigned to the notes.
  • The transaction's payment and legal structures.
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