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



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

Business Wire

NEW YORK -- March 11, 2013

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

--$154,000,000 class A-1 'F1+sf';

--$344,000,000 class A-2 'AAAsf'; Outlook Stable;

--$344,000,000 class A-3 'AAAsf'; Outlook Stable;

--$69,470,000 class A-4 'AAAsf'; Outlook Stable;

--$44,680,000 class B 'AAsf'; Outlook Stable;

--$44,680,000 class C 'Asf'; Outlook Stable;

--$31,276,000 class D 'BBBsf'; Outlook Stable.

Key Rating Drivers

Strong Credit Quality: Credit quality for the pool is consistent with that of
recent pools. The weighted average (WA) Fair Isaac Corp. (FICO) score is 748,
and the original term is 34.8 months, with 26.61% of the leases with original
terms of more than 36 months. The pool is geographically diverse with
approximately 10 months of seasoning, consisting of 100% new vehicles.

Adequate Structural Protection: 2013-A is a sequential-pay structure. Initial
hard credit enhancement (CE) for class A notes totals 18.90% (10.80%
subordinated class B, C, and D notes, 7.60% initial overcollateralization
[OC], and a 0.50% reserve).

Consistent Lease Maturities: 2013-A consists of 72.10% undiscounted base
residual value (RV), in line with prior pools. Lease maturities are well
distributed, with 55.18% of the pool maturing after two or more years
following close. However, five months represent more than 5.00% of the total
base RV, and a single-month period in November 2015 accounts for 8.38%.

State of the Wholesale Vehicle Market: The U.S. wholesale vehicle market (WVM)
has been healthy thus far in 2013. However, Fitch Ratings remains cautious on
the potential impact of general economic weakness and rising fuel prices on
demand for and values of used vehicles.

Stable Corporate Health: Fitch currently rates the long-term issuer default
rating (IDR) of Ford (the parent of Ford Credit) and Ford Credit
'BBB-'/Stable.

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

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

Rating Sensitivity:

Unanticipated decreases in the value of returned vehicles and/or increases in
the frequency of defaults and loss severity on defaulted receivables could
produce loss levels higher than the base case and could result in potential
rating actions on the notes. Fitch evaluated the sensitivity of the ratings
assigned to FCALT 2013-A to increased credit and residual losses over the life
of the transaction.

Fitch's analysis found that the transaction displays some sensitivity to
increased defaults and credit losses, showing downgrades of one rating
category under Fitch's 1.5x base case loss scenario, while experiencing
downgrades of one or two rating categories under Fitch's severe (2.5x base
case loss) scenario. The transaction shows significantly more sensitivity to
residual loss volatility, under Fitch's severe residual loss scenario, all
class of notes would be expected to be downgraded by two or more rating
categories.

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 2012;

--'Criteria for Rating U.S. Auto Lease ABS', May 2012;

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

--'Criteria for Servicing Continuity Risk in Structured Finance', August 2012;

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

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

Global Structured Finance Rating Criteria

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

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137

Counterparty Criteria for Structured Finance Transactions

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

Criteria for Servicing Continuity Risk in Structured Finance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685875

Structured Finance Tranche Thickness Metrics

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

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. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

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