Fitch Affirms 1 Class of Ford Credit Auto Owner Trust 2009-C
NEW YORK -- April 17, 2013
As part of its ongoing surveillance, Fitch Ratings affirms one class of the
Ford Credit Auto Owner Trust 2009-C transaction as follows:
--Class A-4 at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The rating is based on growing credit enhancement and low loss performance to
date. The collateral pool continues to perform within Fitch's expectations,
with cumulative net losses currently at 108 basis points. In addition, under
the credit enhancement structure, the securities are able to withstand stress
scenarios consistent with the updated ratings and make full payments to
investors in accordance with the terms of the documents.
The rating reflects the quality of Ford Motor Credit Company's retail auto
loan originations, the strength of its servicing capabilities, and the sound
financial and legal structure of the transaction.
Unanticipated increases in the frequency of defaults and loss severity could
produce loss levels higher than the current projected base case loss proxy and
impact available loss coverage and multiples levels for the transaction. Lower
loss coverage could impact ratings and Rating Outlooks, depending on the
extent of the decline in coverage.
In Fitch's initial review of the transaction, the notes were found to have
limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss
expectation. To date, the transaction has exhibited strong performance with
losses well within Fitch's initial expectations with rising loss coverage and
multiple levels. As a result of the substantially increased loss coverage
levels Fitch expects stable rating performance for the transaction under even
severe stress scenarios.
Initial Key Rating Drivers and Rating Sensitivity further described in the New
Issue report published on July 2, 2009.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Auto Loan ABS Rating Criteria' (April 16, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012).
Applicable Criteria and Related Research
Global Structured Finance Rating Criteria
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Timothy McNally, +1-212-908-0870
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
Peter Chung, +1-212-908-0724
Bradley Sohl, +1-312-368-3127
Sandro Scenga, +1-212-908-0278
New York, Media Relations
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