Fitch Affirms Nifty Warehouse Trust No.1 at 'AAAsf

(The following statement was released by the rating agency)

SYDNEY, March 20 (Fitch) 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. The assets were originated by Nissan Financial Services 
Australia Pty Ltd. 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.

Actual cumulative write-offs, and estimated total gross and net losses have been 
below Fitch's base case to date and excess spread has been estimated to be more 
than sufficient to cover any losses that would have been experienced by the 
trust. 

RATING SENSITIVITIES

The prospect of downgrades is considered remote at present given the expected 
performance of the pool and the adequate excess spread and subordination. 

Contacts:

Lead Surveillance Analyst

James Zanesi

Director

+61 2 8256 0306

Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000 

Committee Chairperson

Natasha Vojvodic

Senior Director

+61 2 8256 0350 

The source of information used to assess these ratings was the servicer, Nissan 
Financial Services Australia Pty Ltd. The issuer has informed Fitch that not all 
relevant underlying information used in the analysis of the rated notes is 
public.

Applicable criteria, "Global Structured Finance Rating Criteria", dated 24 May 
2013; "APAC Consumer ABS Rating Criteria", dated 2 August 2012; "Counterparty 
Criteria for Structured Finance and Covered Bonds", dated 13 May 2013; and 
"Counterparty Criteria for Structured Finance and Covered Bonds: Derivative 
Addendum", dated 13 May 2013; are available at www.fitchratings.com.

Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: 
iselle.gonzalez@fitchratings.com.

Additional information is available on www.fitchratings.com.

Applicable Criteria and Related Research: 

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

APAC Consumer ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711196

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Counterparty Criteria for Structured Finance and Covered Bonds: Derivative 
Addendum

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707156

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824518

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Fitch Australia Pty Ltd holds an Australian financial services licence (AFS 
licence no. 337123) which authorises it to provide credit ratings to wholesale 
clients only. Credit ratings information published by Fitch is not intended to 
be used by persons who are retail clients within the meaning of the Corporations 
Act 2001.