Fitch Ratings upgrades three classes and affirms 14 classes of two Ford Credit Auto Owner Trusts as part of its on going surveillance process.
The rating actions are as follows:
2006-C
--Class A-2a notes affirmed at 'AAA';
--Class A-2b notes affirmed at 'AAA';
--Class A-3 notes affirmed at 'AAA';
--Class A-4a notes affirmed at 'AAA';
--Class A-4b notes affirmed at 'AAA';
--Class B notes upgraded to 'AA' from 'A';
--Class C notes upgraded to 'A' from 'BBB+';
--Class D notes upgraded to 'BBB' from 'BB+'.
2007-B
--Class A-2a notes affirmed at 'AAA';
--Class A-2b notes affirmed at 'AAA';
--Class A-3a notes affirmed at 'AAA';
--Class A-3b notes affirmed at 'AAA';
--Class A-4a notes affirmed at 'AAA';
--Class A-4b notes affirmed at 'AAA';
--Class B notes affirmed at 'A';
--Class C notes affirmed at 'BBB';
--Class D notes affirmed at 'BB'.
The upgrades are a result of continued available credit enhancement in excess of stressed remaining losses. The collateral continues to perform within Fitch's base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the upgraded rating categories and still make full payments of interest and principal in accordance with the terms of the documents.
As before, the ratings reflect the quality of Ford Motor Credit Co.'s (FMCC) retail auto loan originations, the sound financial and legal structure of the transactions, and servicing provided by FMCC.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.