DBRS Rates Ford Credit Floorplan Master Owner Trust A Series 2010-2

On February 4, 2009, DBRS assigned final ratings to the Ford Credit Floorplan Master Owner Trust A 2010-2 (FCFMOTA 2010-2). The FCFMOTA 2010-2 trust assets include: a revolving pool of receivables originated in connection with the purchase and financing by motor vehicle dealers of new and used cars and trucks; a reserve account; a participation interest in pooled participation receivables; and third-party financed in-transit receivables.

With the addition of the FCFMOTA 2010-2 transaction, the master trust has outstanding six series of notes, two of which are variable funding notes. As of September 30, 2009, the receivables in the master trust stemmed from 4,524 designated accounts and totaled $8.59 billion.

Credit enhancement for the series 2010-2 class A notes is relatively the same as the series 2010-1 class A notes. Enhancement for the class A notes, as a percentage of the total asset balance, is 29.8%. This amount is derived from a 29.0% targeted enhancement level (represented in the form of subordination from the class B and C notes) and a 0.8% reserve account (as a percentage of total assets). The total asset balance is $310,559,006.

Additionally, Wells Fargo Bank, National Association (rated ‘AA(high)/R-1(high)’—Neg. trend), is the back-up servicer for the master trust.

Note:
All figures are in U.S. dollars unless otherwise noted.

The Pre-sale report describing this transaction is available at www.dbrs.com.

This rating is based on public information.

The applicable methodology is Rating U.S. Wholesale Auto Securitizations, January 2009, which can be found on our website under Methodologies.

This is a Structured Finance rating.