DBRS Confirms Ratings on FFAST Series 2006-3, Class A Notes and Series 2006-3, Class B Notes

DBRS has today confirmed the following ratings of the Ford Floorplan Auto Securitization Trust:

-- AAA on the Auto Floorplan Receivables-Backed Notes, Series 2006-3, Class A
-- “A” on the Auto Floorplan Receivables-Backed Notes, Series 2006-3, Class B

This rating action is based on the continued strong performance of the program, with zero loss experienced and continued high monthly payment rates. As part of the review, DBRS notes increased risk stemming from the increase in brand concentration of the underlying collateral since the close of the transaction in 2006. This is partly mitigated by the shortened time to maturity of the outstanding notes.

DBRS is committed to confirming the ratings of publicly rated asset-backed securities (ABS) notes on an annual basis, as part of the continuing effort to provide market participants with timely and transparent updates. The ratings of other publicly rated ABS notes will be confirmed throughout the year.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Canadian Wholesale Floorplan Methodology, which is available on our website under Methodologies.

This is a Structured Finance rating.