S&P Assigns Preliminary Ratings to NIF-T

    TORONTO, Sept. 6 Standard & Poor's today assigned its
preliminary ratings to NIF-T's C$330 million senior medium-term notes.
    The preliminary ratings are based on information as of Sept. 6, 2001.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
    The preliminary ratings reflect the ability of the servicer, Nissan Canada
Finance Inc. (NCFI), to fulfill its role in the transaction; the sound legal
and payment structures; and the sound cash flow mechanics of the transaction.
    Other credit enhancements include the following:

    *     The overcollateralization reserve is maintained at 3% of the current
          program amount, which amortizes down to a floor of 2.25% of the
          initial program amount. The pool balance must at all times be equal
          to or greater than the sum of the program amount and the reserve,
          failing which, an event of termination will occur.

    *     There is strong protection for the class A noteholders provided by
          the subordinated medium-term class B notes (9.9% of the initial
          program amount). The class B noteholders will not receive any
          principal paydown until after all class A noteholders have been paid
          in full.

    *     The support account will initially be funded in an amount equal to
          7.25% of the program amount. The required amount of the support
          account, the support amount, is equal to the current program amount,
          which has the effect of capturing all excess spread within the
          structure. If the aggregate amount on deposit in the collections
          account on any settlement date is not sufficient to make the
          necessary distributions on such settlement date, the issuer will be
          able to withdraw funds from the support account, to the extent
          available, in payment of any such shortfall.

    *     There is protection provided by certain triggers, which would lead
          to an event of termination or an amortization event. Upon the
          occurrence of an event of termination (which includes a breach by
          the seller under the purchase agreement, including failure to make
          required payments, a material adverse change, and failure by Nissan
          Motor Co. Ltd. to maintain a specified rating and a specified level
          of ownership in NCFI), NIF-T may, among other things, terminate the
          seller as servicer.

    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

     Class       Rating       Amount (C$000s)
     A-1         AAA          195,000
     A-2         AAA          135,000