DBRS Rates Ford Auto Securitization Trust Series 2009-R2 Asset-Backed Notes

DBRS has today assigned a rating of AAA to the Ford Auto Securitization Trust (the Trust or FAST) Asset-Backed Notes, Series 2009-R2.

On closing, the Trust acquired a portfolio of retail car and light truck auto loans (the Portfolio of Loans) from Ford Credit Canada Limited (FCCL). The Series 2009-R2 Notes are pass-through securities, with monthly repayment of interest and principal based on actual cash flows from the Portfolio of Loans and are rated AAA based on full repayment by the Final Scheduled Payment Date.

Stress tests using assumptions, including replacement servicer fees and large increases in delinquency and credit losses, indicate that credit enhancement provides sufficient protection to the Notes to warrant the AAA ratings.

Notes:
The applicable methodology is Rating Canadian Auto Loan Securitization, which can be found on our website under Methodologies.

This is a Structured Finance rating.