Fitch Affirms Ford Credit Auto Lease Trust 2013-A

NEW YORK--()--Fitch Ratings has affirmed six classes of notes issued by Ford Credit Auto Lease Trust 2013-A as detailed below:

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

--Class A-3 notes at 'AAAsf'; Outlook Stable;

--Class A-4 notes at 'AAAsf'; Outlook Stable;

--Class B notes at 'AAsf'; Outlook to Positive from Stable;

--Class C notes at 'Asf'; Outlook to Positive from Stable;

--Class D notes at 'BBBsf'; Outlook to Positive from Stable.

KEY RATING DRIVERS:

The affirmations reflect the increase in credit enhancement since closing and strong collateral performance. Credit and residual performance has been well within Fitch's expectations to date. The Stable Outlooks on the outstanding Class A notes reflect Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the current ratings.

The Outlook revision to Positive for the 2012-B class B and C notes reflects Fitch's view that if the notes continue to perform well, upgrades are likely to occur within the next 12-18 months.

Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.

RATING SENSITIVITY:

Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited strong credit and residual performance, well within Fitch's initial expectations with rising loss coverage. Due to the growing credit enhancement levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.

Fitch's stress and rating sensitivity analyses are discussed in the presale reports titled Ford Credit Auto Lease Trust 2013-A (US ABS)', dated March 11, 2013, which is available on Fitch's web site.

Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'Ford Credit Auto Lease Trust 2013-A -- Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated April 17, 2012.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Auto Lease ABS' dated April 30, 2013;

--'Global Structured Finance Rating Criteria' dated May 24, 2013;

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated April 17, 2012;

--' Ford Credit Auto Lease Trust 2013-A (US ABS)' dated March 11, 2013;

--' Ford Credit Auto Lease Trust 2013-A - Appendix' dated March 11, 2013.

Applicable Criteria and Related Research:

Ford Credit Auto Lease Trust 2013-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703533

Ford Credit Auto Lease Trust 2013-A - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703646

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=822682

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Contacts

Fitch Ratings
Eugene Kushnir, +1-212-908-0830
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10019
or
Committee Chairperson:
Bradley Sohl, +1-212-908-1792
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Eugene Kushnir, +1-212-908-0830
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10019
or
Committee Chairperson:
Bradley Sohl, +1-212-908-1792
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com