DBRS Confirms Ford Auto Securitization Trust 2009-R3 at AAA (sf)

DBRS has today confirmed the following ratings of the Ford Auto Securitization Trust 2009-R3:

– AAA (sf) for the Asset-Backed Notes, Series 2009-R3, Class A-1
– AAA (sf) for the Asset-Backed Notes, Series 2009-R3, Class A-2
– AAA (sf) for the Asset-Backed Notes, Series 2009-R3, Class A-3

Even though the collateral has been under pressure since the onset of the transaction as a result of the challenging economic environment, it has performed within expectations. In addition, the overall protection levels are high and could withstand a significant deterioration in credit performance.

DBRS is committed to confirming the ratings of publicly rated asset-backed securities (ABS) transactions 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.

Note:
The applicable methodology is Rating Canadian Auto Loan Securitization, which is available on our website under Methodologies.

This is a Structured Finance rating.