Fitch Affirms Ford Credit Master Owner Trust A Outstanding Notes

NEW YORK--()--Fitch Ratings has affirmed the ratings on 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 at 'AAAsf'; Outlook Stable;

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook Stable;

--Class C at 'Asf'; Outlook Stable;

--Class D at 'BBBsf'; Outlook Stable.

Series 2011-2

--Class A-1 at 'AAAsf'; Outlook Stable;

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook Stable;

--Class C at 'Asf'; Outlook Stable;

--Class D at '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 currently comprises 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, as provided by the credit enhancement, is consistent with the approach outlined in the criteria for Category B DFP platforms, which FCMOT is assigned to.

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. 22, 2013);

--'Global Rating Criteria for Structured Finance' (June 6, 2012).

Applicable Criteria and Related Research:

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690203

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=698609

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Contacts

Fitch Ratings
Primary Analyst
Juveria Mozaffar, +1-312-606-2335
Director
Fitch Ratings, Inc., 70 W Madison St Chicago, IL
or
Committee Chairperson
Du Trieu, +1-312-606-2335
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Juveria Mozaffar, +1-312-606-2335
Director
Fitch Ratings, Inc., 70 W Madison St Chicago, IL
or
Committee Chairperson
Du Trieu, +1-312-606-2335
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com