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Presale: Nissan Auto Receivables 2021-A Owner Trust

The preliminary ratings assigned to Nissan Auto Receivables 2021-A's (NAROT 2021-A's) asset-backed notes reflect: The availability of approximately 9.1% credit support (including excess spread) for the class A notes, based on stressed cash flow scenarios. This credit support level provides coverage of approximately 6.5x our expected net loss range of 1.30%-1.50% and is commensurate with the assigned preliminary 'A-1+ (sf)' and 'AAA (sf)' ratings on the class A notes (see the S&P Global Ratings' Expected Loss and Cash Flow Modeling Assumptions And Results sections below). The timely interest and full principal payments made under the stressed cash flow modeling scenarios appropriate for the assigned preliminary ratings (see the Cash Flow Modeling Assumptions And Results section below). In our modeling approach,