S&P Assigns Preliminary Ratings to Nissan Auto Receivables 2001A Owner Trust

    NEW YORK, Jan. 23 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 http://www.ratingsdirect.com.  The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com/ratings. Under Presale Reports, select
Structured Finance, then Asset-Backed Securities, Standard & Poor's said.
-- CreditWire

    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