Fitch Rates Nissan Master Owner Trust Receivables Series 2003-A `AAA'

NEW YORK--Oct. 1, 20035, 2003--Nissan Master Owner Trust Receivables $950,000,000 series 2003-A floating rate automobile dealer floorplan asset-backed notes are rated 'AAA' by Fitch Ratings. The notes are backed by a pool of loans made by Nissan Motor Acceptance Corp. (NMAC) to retail automotive dealers to finance new and used automobile inventories. The transaction is NMAC's first public floorplan securitization. The ratings are based upon the high quality of the receivables pool, available credit enhancement, NMAC's underwriting and servicing expertise, and sound legal and cash flow structures.

Initial credit enhancement for the series 2003-A notes, as a percent of the initial outstanding principal amount of notes, consists of 14.06% subordination provided by 13.31% of overcollateralization and a 0.75% reserve account which will be fully funded at closing. To evaluate the 2003-A enhancement structure, Fitch applied various economic and business stress scenarios to key asset performance measures. Scenarios are designed to capture the effects of slower retail sales, multiple dealer failures, manufacturer bankruptcies, soft wholesale recovery values, SOT risk, and a servicing interruption and/or transfer. One of the more severe 'AAA' runs reduced MPR more than 65.0% from current levels, increased annualized net losses over 17.5%, and lowered the purchase rate to 0.0% throughout the amortization. The ensuing cash flows were still sufficient to repay interest and principal on the notes in accordance with the terms of the documents.

Interest is distributed on the 15th of each month or the first business day thereafter, beginning November 17, 2003. Interest on the class A notes accrues at a rate of One-Month LIBOR plus 0.06%. Following the revolving period and accumulation period, note principal is expected to be paid in full on the September 15, 2006 distribution date (the expected final payment date). If the notes are not paid in full on the expected final payment date, collections will be applied to the repayment of principal on the notes on subsequent distribution dates. The stated final maturity date of the notes is the distribution date in September 15, 2008.

Early amortization events are designed to partially protect investors from a seller/servicer insolvency or a deterioration in the quality of the receivables. If an early amortization event occurs, all monies on deposit in the cash reserve account and principal allocable to the notes from receivable collections will be paid to the notes. On subsequent distribution dates, principal collections will continue to be passed through to noteholders. In limited instances, the revolving period may recommence if certain conditions are satisfied. Performance based triggers are tied to monthly payment rate and limitations on collateral composition exist with respect to used vehicle amounts. Additionally, there are incremental OC requirements in the event of dealer overconcentration within the pool. The largest dealer concentration in the pool, which is to AutoNation at 8.78% as of August 31, 2003, is capped at 10%, above which the incremental OC requirement goes into effect.

The loss experience for NMAC's U.S. wholesale portfolio has been excellent. NMAC experienced no losses on its floorplan receivables during the six months ended June 30, 2003. Since 2000, NMAC's losses on its floorplan portfolio have averaged 0.07%. The strong performance is attributable to NMAC's conservative underwriting policies, diligent dealer monitoring, and effective servicing of the portfolio.

NMAC is a wholly owned subsidiary of Nissan North America, Inc. (NNA), which is a direct wholly-owned subsidiary of Nissan Motor Co., Ltd. (NML). In addition to floorplan financing, NMAC also provides consumer lease and retail installment contract financing.