Fitch Ratings has affirmed the following outstanding notes issued by the Ford Credit Master Owner Trust A (FCMOT) as a result of its annual review of the trust:
Series 2011-1
--Class A-1 'AAAsf'; Outlook Stable;
--Class A-2 'AAAsf'; Outlook Stable;
--Class B 'AAsf'; Outlook Stable;
--Class C 'Asf'; Outlook Stable;
--Class D 'BBBsf'; Outlook Stable.
Series 2011-2
--Class A-1 'AAAsf'; Outlook Stable;
--Class A-2 'AAAsf'; Outlook Stable;
--Class B 'AAsf'; Outlook Stable;
--Class C 'Asf'; Outlook Stable;
--Class D 'BBBsf'; Outlook Stable.
The affirmation on the notes is reflective of the available loss coverage and stable performance consistent with the current ratings. The trust continues to perform within Fitch's expectations.
The rating actions are based on the application of Fitch's global dealer floorplan (DFP) ABS criteria, and the breakeven net loss coverage levels provided by the structure's credit enhancement, which is currently comprised of subordination that includes a subordination factor and a 1% cash reserve account. Fitch's review of the assumptions and stresses during the initial rating review and the current coverage levels, provided by the credit enhancement, is consistent with the approach outlined in the criteria for Category B DFP platforms, which FCMOT is assigned as.
The assets securing the notes consist of an undivided interest in a pool of revolving DFP receivables that were originated by Ford Motor Credit Company, and are utilized to provide wholesale financing to U.S. automotive dealers of Ford Motor Company and other original automobile manufacturers.
Fitch will continue to monitor FCMOT and may take additional rating action in the event of changes in performance and/or credit enhancement.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 25, 2012);
--'Global Rating Criteria for Structured Finance' (Aug. 4, 2011).
Applicable Criteria and Related Research:
Global Rating Criteria for Dealer Floorplan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666405
Global Rating Criteria for Structured Finance CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651560
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
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Fitch Ratings
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Juveria Mozaffar, +1-312-606-2335
Associate
Director
Fitch, Inc., 70 W Madison St Chicago, IL
or
Committee
Chairperson
Bradley Sohl, +1-312-368-3127
or
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daniel.noonan@fitchratings.com