S&P Asgns Prlm Rtgs to Nissan Auto Rec 2001A Owner Tr

    NEW YORK--Standard & Poor's CreditWire--Jan. 23, 2001--Standard & Poor's today assigned its preliminary ratings to Nissan Auto Receivables 2001-A Owner Trust's $982,872,000 class A asset-backed notes (see list).
    The preliminary ratings are based on information as of Jan. 23, 2001. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings assigned reflect favorable performance trends in Nissan Motor Acceptance Corp.'s recent portfolio and securitization data, and credit enhancement provided by unrated and non-amortizing subordinate certificates representing 6.75% of the initial receivables pool; a non-amortizing, fully funded reserve account equal to 0.75% of the initial receivables pool; and excess spread. The loan pool is expected to experience cumulative net losses of between 1.5% and 2.0%. Total credit enhancement covers a sufficient multiple of expected losses to warrant the 'A-1+/AAA' ratings on the notes.
    A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said. -- CreditWire -0-

PRELIMINARY RATINGS ASSIGNED
Nissan Auto Receivables 2001-A Owner Trust
Class Rating Amount ($)
A-1 A-1+ 201,800,000
A-2 AAA 350,000,000
A-3 AAA 249,000,000
A-4 AAA 182,072,000