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Fitch Affirms Ford Credit Master Owner Trust A Outstanding Notes



  Fitch Affirms Ford Credit Master Owner Trust A Outstanding Notes

Business Wire

NEW YORK -- February 7, 2013

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

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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