Fitch Affirms Ford Credit Floorplan Master Owner Trust A Series 2013-3, 2013-4 and 2013-5

NEW YORK--()--Fitch Ratings has affirmed the following outstanding notes issued by the Ford Credit Floorplan Master Owner Trust A (FCFMOT A) as a result of its annual review of the trust:

2013-3

--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.

2013-4

--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.

2013-5

--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.

KEY RATING DRIVERS

The affirmation on the notes is reflective of the available loss coverage levels and stable trust performance metrics, which continue to be within Fitch's expectations.

The rating actions are based on the application of Fitch's global Dealer Floorplan (DFP) ABS criteria, and the loss coverage levels provided by the structure's credit enhancement. Fitch's review of the assumptions and stresses during this annual review are relatively consistent with the initial rating review. The current coverage levels are consistent with the approach outlined in the criteria for Category B DFP platforms. FCFMOT A is assigned 'Category B'.

Fitch will continue to monitor FCFMOT A and may take additional rating actions in the event of changes in trust performance and/or credit enhancement.

RATING SENSITIVITIES

To conduct rating sensitivity for the issued notes, under a category B Dealer Floorplan platform, Fitch assumes portfolio default levels at 10%, 25%, and 40%, and under two recovery-level scenarios of 50% and 30%. Fitch modeled the series with the assumption that the above defaults have occurred and recoveries stressed accordingly, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

To date, trust performance metrics are stable. A material deterioration in performance metrics would have to occur in performance to have a potential negative impact on ratings.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'Ford Credit Floorplan Master Owner Trust A Series 2013-3--Appendix', 'Ford Credit Floorplan Master Owner Trust A Series 2013-4--Appendix' and 'Ford Credit Floorplan Master Owner Trust A Series 2013-5--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 the Global Structured Finance Transactions' dated April 17, 2012.

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

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 6, 2015);

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Floorplan Master Owner Trust A Series 2013-3 -- Appendix' (June 10, 2013);

--'Floorplan Master Owner Trust A Series 2013-4 -- Appendix' (June 10, 2013);

--'Floorplan Master Owner Trust A Series 2013-5 -- Appendix' (Sep. 9, 2013).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=833468

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Ford Credit Floorplan Master Owner Trust A, Series 2013-3 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710464

Ford Credit Floorplan Master Owner Trust A, Series 2013-4 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710498

Ford Credit Floorplan Master Owner Trust A, Series 2013-5 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=717861

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978748

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Contacts

Fitch Ratings
Primary Analyst
Khadija El Mediouri
Analyst
+1-212-908-9109
Fitch Ratings, Inc.
33 White Hall Street
New York, NY 10004
or
Secondary Analyst
Hylton Heard
Senior Director
+1-212-908-0214
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Khadija El Mediouri
Analyst
+1-212-908-9109
Fitch Ratings, Inc.
33 White Hall Street
New York, NY 10004
or
Secondary Analyst
Hylton Heard
Senior Director
+1-212-908-0214
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com