DBRS Rates Ford Credit Floorplan Master Owner Trust A Series 2010-1

DBRS has today published a rating report on the Ford Credit Floorplan Master Owner Trust A 2010-1 (FCFMOTA 2010-1). The FCFMOTA 2010-1 transaction represents the first publicly issued securitization of Ford Motor Credit Corporation’s (Ford Credit) wholesale receivables this year. The FCFMOTA 2010-1 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.

The FCFMOTA 2010-1 transaction represents the 14th Series issued from the master trust and will be the sixth outstanding series (including two 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 2010-1 class A notes is relatively the same as the series 2009-2 class A notes. Enhancement for the class A notes, as a percentage of the total asset balance, is 32.8%. This amount is derived from 32.0% targeted enhancement level of 32% (represented in the form of subordination from the class B and C notes) and a 0.8% reserve account. The total asset balance is $735,294,410.

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

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

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

This is a Structured Finance rating.

This rating is based on public information.