DBRS Assigns Ratings to NIF-T’s Class A-1 Senior Medium-Term Notes, Series 2009-1 and Class A-2 Senior Medium-Term Notes, Series 2009-2

DBRS has assigned the following ratings to NIF-T (the Trust): AAA to Class A-2 Senior Medium-Term Notes, Series 2009-2 (Class A-2) and R-1 (high) to Class A-1 Senior Medium-Term Notes, Series 2009-1 (Class A-1; collectively, the Notes).

The Trust issued the Notes to fund the acquisition of a portfolio of retail auto leases from Nissan Canada Inc. The Notes are structured as sequential-pay pass-through notes, with the Class A-1 notes being eligible for purchase by U.S. investors under Rule 2a-7 of the Investment Company Act of 1940. The Class A-2 notes will begin to receive principal after the Class A-1 principal has been reduced to zero. The interest on the Notes will be paid monthly on a pari passu basis.

Stress tests using assumptions, including replacement servicer fees and large increases in delinquency, credit losses and residual value losses, indicate that credit enhancement provides sufficient protection to the Notes to warrant the AAA and R-1(high) ratings.

Note:
The applicable methodology is Rating Canadian Auto Lease Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.