March 27, 2013 at 18:07 PM EDT
Fitch Affirms NIF-T Series 2010-1

Fitch Ratings has affirmed NIF-T Series 2010-1 as follows:

--Class A-2 notes at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation reflects the increase in credit enhancement since the prior review and strong collateral performance. Credit and residual losses have been well within Fitch's expectations to date. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover 'AAAsf' stressed loss levels.

Fitch will continue to monitor economic conditions and their impact as well as trust level performance variables and update the ratings accordingly.

RATING SENSITIVITY

Unanticipated increases in the frequency of defaults or 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 default expectation. For further detail on the rating sensitivity analysis, please refer to Fitch's presale titled 'NIF-T Series 2010-1 (Canada ABS)' available at 'www.fitchratings.com'.

To date, the transaction has exhibited strong credit and residual performance, well 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 vehicle values could potentially have a negative impact on the outstanding ratings.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Auto Lease ABS' dated May 14, 2012;
--'Global Structured Finance Rating Criteria' dated June 6, 2012.
--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated April 17, 2012;
--'NIF-T Series 2010-1 (Canada ABS)' dated April 10, 2010.

Applicable Criteria and Related Research
Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions -- Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496
NIF-T Series 2010-1 (Canada ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=508465
Criteria for Rating U.S. Auto Lease ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts:

Fitch Ratings
Media Relations
Brian Bertsch, New York, +1-212-908-0549
brian.bertsch@fitchratings.com
or
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
or
Surveillance Analyst
Eugene Kushnir, +1-212-908-0830
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, New York 10004
or
Committee Chairperson
Hylton Heard, +1-212-908-0214
Senior Director
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here