Fitch Expects to Rate Ford Credit Auto Owner Trust 2013-A; Presale Issued

  Fitch Expects to Rate Ford Credit Auto Owner Trust 2013-A; Presale Issued

Business Wire

NEW YORK -- February 19, 2013

Fitch Ratings expects to assign the following ratings to the Ford Credit Auto
Owner Trust 2013-A notes:

--$307,100,000 class A-1 'F1+sf';

--$415,300,000 class A-2 'AAAsf'; Outlook Stable;

--$420,700,000 class A-3 'AAAsf'; Outlook Stable;

--$106,850,000 class A-4 'AAAsf'; Outlook Stable;

--$39,470,000 class B 'AAsf'; Outlook Stable;

--$26,310,000 class C 'Asf'; Outlook Stable;

--$26,310,000 class D 'BBBsf'; Outlook Stable.

Key Rating Drivers

Stable Credit Quality: 2013-A pool is relatively consistent with prior deals.
The WA FICO score is 726 with 87.45% of new vehicles. The pool is
geographically diverse with approximately seven months of seasoning, and
consists of 40.86% of the retail contracts with terms more than 60 months.

Adequate Credit Enhancement Structure: The cash flow distribution is a
sequential-pay structure, consistent with prior transactions. Initial hard
credit enhancement (CE) for the class A notes totals 5.50%, consisting of
7.00% subordination and a 0.50% nondeclining reserve offset by
undercollateralization of 2.00% on an adjusted pool basis.

Improved Portfolio/Securitization Performance: Losses on Ford Credit's
portfolio and 2009-2012 FCAOT securitizations declined, supported by the
improving, albeit volatile, U.S. economy and strong used vehicle values
resulting in higher recovery rates.

Positive Corporate Performance: Fitch currently rates the long-term Issuer
Default Rating of Ford Motor Co., the parent of Ford Credit and Ford Credit,
'BBB-' with a Stable Rating Outlook.

Strong Wholesale Vehicle Market (WVM): The U.S. WVM is healthy in early 2013.
However, Fitch remains cautious of the potential impact of general economic
weakness and rising fuel prices on demand for and values of used vehicles.

Consistent Origination/Underwriting/Servicing: Ford Credit demonstrates good
capabilities as originator, underwriter, and servicer, evidenced by historical
delinquency and loss performance of its managed portfolio and securitizations.
Fitch deems Ford Credit capable to adequately service 2013-A.

Integrity of Legal Structure: The legal structure of the transaction should
provide that a bankruptcy of Ford Credit would not impair the timeliness of
payments on the securities.

The presale report is available to all investors on Fitch's website at
'www.fitchratings.com'. For more information about Fitch's comprehensive
subscription service FitchResearch, which includes all presale reports,
surveillance, and credit reports on more than 20 asset classes, contact
product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

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 Structured Finance Rating Criteria', June 6, 2012;

--'U.S. Auto Loan ABS Rating Criteria', April 16, 2012;

--'Counterparty Criteria for Structured Finance Transactions, May 20, 2012;

--'Structured Finance Tranche Thickness Metrics', July 29, 2011.

Applicable Criteria and Related Research: Ford Credit Auto Owner Trust 2013-A
(US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701653

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674859

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

Structured Finance Tranche Thickness Metrics

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951

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Contact:

Fitch Ratings
Primary Analyst
Peter Chung
Director
+1-212-908-0724
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Smitha Dawson
Director
+1-212-908-1298
or
Committee Chairperson
John H. Bella
Managing Director
+1-212-908-1243
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com