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Rating Action:

Moody's upgrades Ford Credit issued prime auto loan ABS in the U.S. and Canada

11 Dec 2013

Approximately $8.2 billion of asset-backed securities affected

New York, December 11, 2013 -- Moody's Investors Service has upgraded 13 subordinate securities and affirmed 72 securities issued in the U.S. by Ford Credit Auto Owner Trust transactions; and upgraded five subordinate securities and affirmed ten securities issued in Canada by Ford Auto Securitization Trusts. The transactions are serviced by Ford Motor Credit Company LLC and Ford Credit Canada Limited respectively.

RATINGS

Issuer: Ford Credit Auto Owner Trust 2009-1

Cl. A, Affirmed Aaa (sf); previously on Dec 11, 2009 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2009-E

Cl. A-4, Affirmed Aaa (sf); previously on Dec 1, 2009 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2010-1

Cl. A, Affirmed Aaa (sf); previously on Mar 18, 2010 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2010-2

Cl. A, Affirmed Aaa (sf); previously on May 25, 2010 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2010-3

Cl. A, Affirmed Aaa (sf); previously on Sep 9, 2010 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2010-4

Cl. A, Affirmed Aaa (sf); previously on Nov 12, 2010 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2010-B

Cl. A-4, Affirmed Aaa (sf); previously on Aug 12, 2010 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Aug 26, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2010-SR1

Cl. A-4, Affirmed Aaa (sf); previously on Feb 8, 2010 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Jun 1, 2011 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2011-1

Class A, Affirmed Aaa (sf); previously on Feb 1, 2011 Assigned Aaa (sf)

Class B, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Class C, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Class D, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2011-2

Class A, Affirmed Aaa (sf); previously on May 16, 2011 Assigned Aaa (sf)

Class B, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Class C, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Class D, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2011-3

Class A, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Class B, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Class C, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Class D, Affirmed Aaa (sf); previously on Mar 21, 2013 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2011-4

Class A, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Class B, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Class C, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Class D, Affirmed Aaa (sf); previously on Mar 21, 2013 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2011-A

Cl. A-4, Affirmed Aaa (sf); previously on Feb 1, 2011 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Feb 29, 2012 Upgraded to Aaa (sf)

Issuer: Ford Credit Auto Owner Trust 2012-1

Cl. A, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on May 30, 2013 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on May 30, 2013 Upgraded to Aaa (sf)

Cl. D, Upgraded to Aaa (sf); previously on May 30, 2013 Upgraded to Aa1 (sf)

Issuer: Ford Credit Auto Owner Trust 2012-2

Cl. A, Affirmed Aaa (sf); previously on Aug 10, 2012 Assigned Aaa (sf)

Cl. B, Upgraded to Aaa (sf); previously on Aug 10, 2012 Assigned Aa1 (sf)

Cl. C, Upgraded to Aaa (sf); previously on Aug 10, 2012 Assigned Aa2 (sf)

Cl. D, Upgraded to Aa2 (sf); previously on Aug 10, 2012 Assigned A2 (sf)

Issuer: Ford Credit Auto Owner Trust 2012-3

Class A, Affirmed Aaa (sf); previously on Nov 5, 2012 Assigned Aaa (sf)

Class B, Upgraded to Aaa (sf); previously on Nov 5, 2012 Assigned Aa1 (sf)

Class C, Upgraded to Aaa (sf); previously on Nov 5, 2012 Assigned Aa2 (sf)

Class D, Upgraded to Aa2 (sf); previously on Nov 5, 2012 Assigned A2 (sf)

Issuer: Ford Credit Auto Owner Trust 2012-A

Cl. A-3, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 21, 2013 Affirmed Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on May 30, 2013 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on May 30, 2013 Upgraded to Aaa (sf)

Cl. D., Affirmed Aa2 (sf); previously on May 30, 2013 Upgraded to Aa2 (sf)

Issuer: Ford Credit Auto Owner Trust 2012-C

Cl. A-2, Affirmed Aaa (sf); previously on Aug 16, 2013 Affirmed Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 16, 2013 Affirmed Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 16, 2013 Affirmed Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 16, 2013 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 16, 2013 Upgraded to Aaa (sf)

Cl. D, Affirmed Aa2 (sf); previously on Aug 16, 2013 Upgraded to Aa2 (sf)

Issuer: Ford Credit Auto Owner Trust 2013-1

Class A, Affirmed Aaa (sf); previously on Mar 22, 2013 Assigned Aaa (sf)

Class B, Upgraded to Aaa (sf); previously on Mar 22, 2013 Assigned Aa1 (sf)

Class C, Upgraded to Aa1 (sf); previously on Mar 22, 2013 Assigned Aa2 (sf)

Class D, Upgraded to Aa3 (sf); previously on Mar 22, 2013 Assigned A2 (sf)

Issuer: Ford Credit Auto Owner Trust 2013-B

Class A-2, Affirmed Aaa (sf); previously on May 23, 2013 Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on May 23, 2013 Definitive Rating Assigned Aaa (sf)

Class A-4, Affirmed Aaa (sf); previously on May 23, 2013 Definitive Rating Assigned Aaa (sf)

Class B, Upgraded to Aaa (sf); previously on May 23, 2013 Definitive Rating Assigned Aa1 (sf

Class C, Upgraded to Aa2 (sf); previously on May 23, 2013 Definitive Rating Assigned Aa3 (sf)

Class D, Upgraded to A1 (sf); previously on May 23, 2013 Definitive Rating Assigned A2 (sf)

Issuer: Ford Auto Securitization Trust 2011-R2

Cl. A, Affirmed Aaa (sf); previously on Apr 21, 2011 Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on May 7, 2012 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on May 7, 2012 Upgraded to Aaa (sf)

Cl. D, Upgraded to Aaa (sf); previously on May 7, 2012 Upgraded to Aa2 (sf)

Issuer: Ford Auto Securitization Trust 2011-R3

Cl. A-2, Affirmed Aaa (sf); previously on Sep 21, 2011 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Sep 21, 2011 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Nov 8, 2012 Upgraded to Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Nov 8, 2012 Upgraded to Aaa (sf)

Cl. D, Upgraded to Aa1 (sf); previously on Nov 8, 2012 Upgraded to Aa2 (sf)

Issuer: Ford Auto Securitization Trust 2013-R1

Cl. A-1, Affirmed Aaa (sf); previously on Feb 1, 2013 Definitive Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Feb 1, 2013 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Feb 1, 2013 Definitive Rating Assigned Aaa (sf)

Cl. B, Upgraded to Aaa (sf); previously on Feb 1, 2013 Definitive Rating Assigned Aa1 (sf)

Cl. C, Upgraded to Aaa (sf); previously on Feb 1, 2013 Definitive Rating Assigned Aa2 (sf)

Cl. D, Upgraded to Aa2 (sf); previously on Feb 1, 2013 Definitive Rating Assigned A1 (sf)

RATINGS RATIONALE

The actions are a result of build-up of credit enhancement relative to remaining losses due to sequential pay structure and non-declining reserve account for the mezzanine classes and due to non-declining reserve account for the junior subordinate bonds. In some cases, the actions are also due to a slight downward revision of collateral pool's lifetime cumulative net loss (CNL) expectations. The lifetime CNL expectations were revised for the 2012-2 and 2012-3 transactions to 0.75% from the original expectations of 0.85%. Lifetime CNL assumptions for the remaining securitizations remain unchanged.

Below are key performance metrics (as of the November 2013 distribution date) and credit assumptions for the affected transactions. Credit assumptions include Moody's expected lifetime CNL expected range which is expressed as a percentage of the original pool balance. Moody's lifetime remaining CNL expectation and Moody's Aaa levels which are expressed as a percentage of the current pool balance. The Aaa level is the level of credit enhancement that would be consistent with a Aaa (sf) rating for the given asset pool. Performance metrics include pool factor which is the ratio of the current collateral balance to the original collateral balance at closing; total credit enhancement, which typically consists of subordination, overcollateralization, and a reserve fund; and per annum excess spread.

U.S. SECURITIZATIONS

Issuer: Ford Credit Auto Owner Trust 2009-1

Lifetime CNL expected Loss - 0.85%

Lifetime Remaining CNL expectation - 0.56%

Aaa (sf) level - 6.0%

Pool factor - 7.13%

Total credit enhancement (excluding excess spread ): Cl. A - 109.57%, Cl. B - 89.37%, Cl. C - 42.42%, Cl. D - 15.53%

Excess Spread per annum - Approximately 0.10%

YSOC - Approximately 10.79%

Issuer: Ford Credit Auto Owner Trust 2009-E

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.05%

Aaa (sf) level - 6.0%

Pool factor - 7.11%

Total credit enhancement (excluding excess spread ): Cl. A - 109.97%, Cl. B - 69.32%, Cl. C - 42.19%, Cl. D - 15.07%

Excess Spread per annum - Approximately 0.6%

YSOC - Approximately 7.1%

Issuer: Ford Credit Auto Owner Trust 2010-1

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 1.07%

Aaa (sf) level - 6.00%

Pool factor - 9.38%

Total credit enhancement (excluding excess spread ): Cl. A - 84.92%, Cl. B - 69.35%, Cl. C - 32.92%, Cl. D - 12.16%

Excess Spread per annum -- Approximately -1.1%

YSOC - Approximately 14.1%

Issuer: Ford Credit Auto Owner Trust 2010-2

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.33%

Aaa (sf) level - 6.00%

Pool factor - 12.71%

Total credit enhancement (excluding excess spread ): Cl. A - 63.30%, Cl. B - 51.68%, Cl. C - 24.65%, Cl. D - 9.18%

Excess Spread per annum - Approximately -1.4%

YSOC - Approximately 16.7%

Issuer: Ford Credit Auto Owner Trust 2010-3

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.56%

Aaa (sf) level - 6.00%

Pool factor - 15.28%

Total credit enhancement (excluding excess spread ): Cl. A - 52.94%, Cl. B - 43.22%, Cl. C - 20.51%, Cl. D - 7.52%

Excess Spread per annum - Approximately -0.9%

YSOC - Approximately 14.9%

Issuer: Ford Credit Auto Owner Trust 2010-4

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.68%

Aaa (sf) level - 6.00%

Pool factor - 17.92%

Total credit enhancement (excluding excess spread ): Cl. A - 45.24%, Cl. B - 36.93%, Cl. C - 17.53%, Cl. D - 6.44%

Excess Spread per annum - Approximately -1.0%

YSOC - Approximately 15.4%

Issuer: Ford Credit Auto Owner Trust 2010-B

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.39%

Aaa (sf) level - 6.00%

Pool factor - 14.49%

Total credit enhancement (excluding excess spread ): Cl. A - 55.22%, Cl. B - 34.85%, Cl. C - 21.26%, Cl. D - 7.68%

Excess Spread per annum - Approximately 0.9%

YSOC - Approximately 11.3%

Issuer: Ford Credit Auto Owner Trust 2010-SR1

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.66%

Aaa (sf) level - 6.00%

Pool factor - 8.47%

Total credit enhancement (excluding excess spread ): Cl. A - 93.51%, Cl. B - 58.98%, Cl. C - 35.97%, Cl. D - 12.95%

Excess Spread per annum - Approximately -0.1%

YSOC - Approximately 9.7%

Issuer: Ford Credit Auto Owner Trust 2011-1

Lifetime CNL expected Loss - 0.70%

Lifetime Remaining CNL expectation - 0.79%

Aaa (sf) level - 6.00%

Pool factor - 21.62%

Total credit enhancement (excluding excess spread ): Class A - 37.49%, Class B - 30.59%, Class C - 14.50%, Class D - 5.31%

Excess Spread per annum - Approximately -1.0%

YSOC - Approximately 14.8%

Issuer: Ford Credit Auto Owner Trust 2011-2

Lifetime CNL expected Loss - 0.70%

Lifetime Remaining CNL expectation - 0.87%

Aaa (sf) level - 6.00%

Pool factor - 25.58%

Total credit enhancement (excluding excess spread ): Class A - 31.83%, Class B - 25.97%, Class C - 12.31%, Class D - 4.51%

Excess Spread per annum - Approximately -1.1%

YSOC - Approximately 15.3%

Issuer: Ford Credit Auto Owner Trust 2011-3

Lifetime CNL expected Loss - 0.70%

Lifetime Remaining CNL expectation - 0.85%

Aaa (sf) level - 6.00%

Pool factor - 33.11%

Total credit enhancement (excluding excess spread ): Class A - 24.47%, Class B - 19.96%, Class C - 9.40%, Class D - 3.37%

Excess Spread per annum - Approximately -1.0%

YSOC - Approximately 11.7%

Issuer: Ford Credit Auto Owner Trust 2011-4

Lifetime CNL expected Loss - 0.70%

Lifetime Remaining CNL expectation - 0.73%

Aaa (sf) level - 6.00%

Pool factor - 34.72%

Total credit enhancement (excluding excess spread ): Class A - 23.44%, Class B - 19.10%, Class C - 8.98%, Class D - 3.19%

Excess Spread per annum - Approximately -1.2%

YSOC - Approximately 10.9%

Issuer: Ford Credit Auto Owner Trust 2011-A

Lifetime CNL expected Loss - 0.80%

Lifetime Remaining CNL expectation - 0.92%

Aaa (sf) level - 6.00%

Pool factor - 21.38%

Total credit enhancement (excluding excess spread ): Cl. A - 37.59%, Cl. B - 23.66%, Cl. C - 14.37%, Cl. D - 5.08%

Excess Spread per annum - Approximately 1.48%

YSOC - Approximately 8.62%

Issuer: Ford Credit Auto Owner Trust 2012-1

Lifetime CNL expected Loss - 0.75%

Lifetime Remaining CNL expectation - 0.97%

Aaa (sf) level - 7.00%

Pool factor - 42.79%

Total credit enhancement (excluding excess spread ): Cl. A - 18.99%, Cl. B - 15.48%, Cl. C - 7.27%, Cl. D - 2.58%

Excess Spread per annum - Approximately -0.8%

YSOC - Approximately 10.5%

Issuer: Ford Credit Auto Owner Trust 2012-2

Lifetime CNL expected Loss - 0.75%

Lifetime Remaining CNL expectation - 0.99%

Aaa (sf) level - 7.00%

Pool factor - 54.12%

Total credit enhancement (excluding excess spread ): Cl. A - 14.61%, Cl. B - 11.84%, Cl. C - 5.35%, Cl. D - 1.64%

Excess Spread per annum - Approximately -0.6%

YSOC - Approximately 9.6%

Issuer: Ford Credit Auto Owner Trust 2012-3

Lifetime CNL expected Loss - 0.75%

Lifetime Remaining CNL expectation - 0.94%

Aaa (sf) level - 7.00%

Pool factor - 58.28%

Total credit enhancement (excluding excess spread ): Class A - 13.65%, Class B - 11.07%, Class C - 5.04%, Class D - 1.60%

Excess Spread per annum - Approximately 0.7%

YSOC - Approximately 6.9%

Issuer: Ford Credit Auto Owner Trust 2012-A

Lifetime CNL expected Loss - 0.75%

Lifetime Remaining CNL expectation - 0.92%

Aaa (sf) level - 7.00%

Pool factor - 40.77%

Total credit enhancement (excluding excess spread ): Cl. A - 19.72%, Cl. B - 12.37%, Cl. C - 7.46%, Cl. D - 2.56%

Excess Spread per annum - Approximately 2.1%

YSOC - Approximately 4.3%

Issuer: Ford Credit Auto Owner Trust 2012-C

Lifetime CNL expected Loss - 0.75%

Lifetime Remaining CNL expectation - 0.87%

Aaa (sf) level - 7.00%

Pool factor - 52.19%

Total credit enhancement (excluding excess spread ): Cl. A - 14.97%, Cl. B - 9.22%, Cl. C - 5.39%, Cl. D - 1.56%

Excess Spread per annum - Approximately 2.6%

YSOC - Approximately 3.9%

Issuer: Ford Credit Auto Owner Trust 2013-1

Lifetime CNL expected Loss - 0.85%

Lifetime Remaining CNL expectation - 1.16%

Aaa (sf) level - 7.00%

Pool factor - 69.56%

Total credit enhancement (excluding excess spread ): Class A - 10.93%, Class B - 8.76%, Class C - 3.72%, Class D - 0.83%

Excess Spread per annum - Approximately 1.0%

YSOC - Approximately 6.0%

Issuer: Ford Credit Auto Owner Trust 2013-B

Lifetime CNL expected Loss - 0.85%

Lifetime Remaining CNL expectation - 1.09%

Aaa (sf) level - 7.00%

Pool factor - 75.67%

Total credit enhancement (excluding excess spread ): Class A - 9.77%, Class B - 5.80%, Class C - 3.15%, Class D - 0.51%

Excess Spread per annum - Approximately 2.7%

YSOC - Approximately 3.0%

CANADIAN SECURITIZATIONS

Issuer: Ford Auto Securitization Trust 2011-R2

Lifetime CNL expected Loss - 1.00%

Lifetime Remaining CNL expectation - 1.24%

Aaa (sf) level - 7.00%

Pool factor - 32.09%

Total credit enhancement (excluding excess spread ): Cl. A - 24.79%, Cl. B - 15.61%, Cl. C - 9.49%, Cl. D - 3.37%

Excess Spread per annum - Approximately -0.3%

YSOC - Approximately 8.0%

Issuer: Ford Auto Securitization Trust 2011-R3

Lifetime CNL expected Loss - 1.00%

Lifetime Remaining CNL expectation - 1.12%

Aaa (sf) level - 7.00%

Pool factor - 41.01%

Total credit enhancement (excluding excess spread ): Cl. A - 19.45%, Cl. B - 12.23%, Cl. C - 7.42%, Cl. D - 2.60%

Excess Spread per annum - Approximately 0.9%

YSOC - Approximately 6.7%

Issuer: Ford Auto Securitization Trust 2013-R1

Lifetime CNL expected Loss - 1.00%

Lifetime Remaining CNL expectation - 1.30%

Aaa (sf) level - 7.00%

Pool factor - 73.13%

Total credit enhancement (excluding excess spread ): Cl. A - 11.15%, Cl. B - 7.06%, Cl. C - 4.34%, Cl. D - 1.62%

Excess Spread per annum - Approximately 0.4%

YSOC - Approximately 8.1%

The principal methodology used in these ratings was "Moody's Approach to Rating Auto Loan-Backed ABS " published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the rating

Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the rating. Moody's current expectations of loss may be better than its original expectations because of lower frequency of default by the underlying obligors or appreciation in the value of the vehicles that secure the obligor's promise of payment. The US job market and the market for used vehicle are primary drivers of performance. Other reasons for better performance than Moody's expected include changes in servicing practices to maximize collections on the loans or refinancing opportunities that result in a prepayment of the loan.

Levels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Moody's current expectations of loss may be worse than its original expectations because of higher frequency of default by the underlying obligors of the loans or a deterioration in the value of the vehicles that secure the obligor's promise of payment. The US job market and the market for used vehicle are primary drivers of performance. Other reasons for worse performance than Moody's expected include poor servicing, error on the part of transaction parties, lack of transactional governance and fraud.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transaction in the past six months.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

As the section on loss and cash flow analysis describes, Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Aron Bergman
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades Ford Credit issued prime auto loan ABS in the U.S. and Canada
No Related Data.
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