Press Release: NIF-T

Press Release: NIF-T
Date of Release: 			Sep 7, 2001
Provisionally Rates at AAA

Huston Loke, CFA, Greg Nelson / 416-593-5577 ext.2233, ext.2224 /
e-mail: hloke@dbrs.com

Rating		Rating Action		Debt Rated
AAA*		Provisional Rating	Class A-1 Senior Medium Term
Notes, Series 2001-1
AAA*		Provisional Rating	Class A-2 Senior Medium Term
Notes, Series 2001-1
AAA*		Provisional Rating	Class A-3 Senior Medium Term
Notes, Series 2001-1

-1
* Provisional Rating
DBRS is issuing a provisional rating of AAA in respect of Senior Medium
Term Notes, Series 2001-1 ("Senior Notes"), to be issued by NIF-T. The
provisional ratings incorporate the following considerations:
	the high level of credit enhancement provided by 9.9% of
subordinated notes, a cash account seeded with 7.25%,
overcollateralization of 3.0%, and excess spread expected to total 5.0%
of the initial program amount over the life of the transaction; 
	almost none of the enhancement is amortizing, and all spread is
retained in the structure; and 
	Nissan has experienced high return rates and volatile residual
value loss levels in its lease portfolio
Proceeds from the Notes will be used to acquire a portfolio of retail
car, SUV, light truck, and minivan leases (without any residual value
insurance or obligor guarantee) originated by Nissan Canada Finance Inc.
Stress tests that used assumptions including servicer fees, large
increases in credit losses, and significant multiples of residual
losses, indicate that the credit enhancement provides sufficient
protection to the assets to as to warrant the AAA ratings. As of July
31, 2001, the leases had an average net book value of $28,818, an
average residual value of $19,111, a weighted average yield of 7.11%,
and a weighted average remaining term of 29 months.

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