S&P Asgn Prelm Rtg to Nissan Auto Lease Tr 2001-A Nt

    NEW YORK--Standard & Poor's--Nov. 7, 2001--Standard & Poor's today assigned its preliminary ratings to Nissan Auto Lease Trust 2001-A's $1,100,054,000 asset-backed notes (see list).
    The preliminary ratings are based on information as of Nov. 7, 2001. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect the credit enhancement provided by unrated subordinated certificates, a reserve fund, and excess spread.
    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.

PRELIMINARY RATINGS ASSIGNED
Nissan Auto Lease Trust 2001-A
Class                              Rating     Amount ($000s)
A-1                                A-1+              196,500
A-2                                AAA               250,000
A-3                                AAA               500,000
A-4                                AAA               153,554