DBRS Assigns Rating of AAA to Ford Floorplan Auto Securitization Trust Series 2010-F3, Class A-1

DBRS has today assigned a rating of AAA to the privately placed Floating Rate Variable Funding Asset-Backed Notes, Series 2010-F3, Class A-1 (the Series 2010-F3 Notes) issued by Ford Floorplan Auto Securitization Trust (FFAST or the Trust).

The Trust had previously acquired an ownership interest in a portfolio of floorplan receivables originated by Ford Credit Canada Limited (FCCL). The floorplan receivables are backed by a security interest in an underlying pool of new and used vehicles. The Series 2010-F3 Notes are ranked pari passu with the recently issued Fixed Rate Asset-Backed Notes, Series 2010-F1, Class A (the Series 2010-F1 Notes) and Floating Rate Asset-Backed Notes, Series 2010-F2, Class A (the Series 2010-F2 Notes). Interest and principal is expected to be paid from collections on the receivables.

Stress tests, which applied assumptions, including a rapid and significant decline in dealer payment rates and in the recovery value of the underlying vehicles combined with a rapid and large increase in dealer defaults, indicate that the credit enhancement provides sufficient protection to the notes issued by the Trust to warrant the ratings.

Notes:
The applicable methodology is Canadian Wholesale Floorplan Methodology, which can be found on our website under Methodologies.

This is a Structured Finance rating.