info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
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.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com