S&P Assigned Preliminary Ratings to Nissan Auto Receivables 2001-C Owner Trust

    NEW YORK, Aug. 28 Standard & Poor's today assigned its
preliminary ratings to Nissan Auto Receivables 2001-C Owner Trust's
$1,225.250 million asset-backed notes.
    The preliminary ratings are based on information as of Aug. 28, 2001.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
    The preliminary ratings reflect favorable performance trends in Nissan
Motor Acceptance Corp.'s recent portfolio and securitization data and credit
enhancement provided by unrated and nonamortizing subordinate certificates
representing 5.75% of the initial receivables pool; a nonamortizing, 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%-2.0%. Total credit enhancement covers a sufficient multiple of
expected losses to warrant the 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.

    PRELIMINARY RATINGS ASSIGNED
    Nissan Auto Receivables 2001-C Owner Trust
    Class                         Rating        Amount ($000s)
    A-1                           A-1+                 295,000
    A-2                           AAA                  323,000
    A-3                           AAA                  343,000
    A-4                           AAA                  264,250