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