...Alignment to Parent Rating: The ratings and Rating Outlook for Nissan Motor Acceptance Company LLC (NMAC) are equalized with and linked to those of its parent, Nissan Motor Co. Ltd. (NML), as Fitch Ratings views the issuer as a core subsidiary of NML. This view reflects strong implicit and explicit support factors including the financing of a high percentage of NML U.S. sales by NMAC, significant operational linkages between the companies and the existence of a keep well agreement between the parent and NMAC. NMAC's credit profile is further supported by its strong asset quality, consistent operating performance and moderate leverage. Credit Metrics Normalizing: NMAC's asset quality remains strong, but credit performance has normalized from the pristine performance seen in 2021-2022. NMAC's annualized net charge offs on finance receivables through the nine months ended Dec. 31, 2023 (9M23) were 0.53%, up from 0.38% a year ago. Meanwhile, delinquencies of 60 days or more past due and accruing...
