The preliminary ratings assigned to Nissan Auto Lease Trust 2021-A's (NALT 2021-A) asset-backed notes reflect: The availability of approximately 22.0% credit enhancement, based on our stressed cash flow scenarios, in the form of 16.50% initial overcollateralization, a 0.25% nonamortizing reserve account that builds to a target of 0.50%, and excess spread (all percentages are expressed as a percentage of the pool's initial securitization value).