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

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

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

This transaction was privately funded in 2009 when the auto industry was operating in a challenged economic environment. The high unemployment rate combined with the downward pressure on collateral values in the used market resulted in higher delinquency levels and higher losses than historical levels. However, the collateral has performed better than expected, given that all these challenges were identified at the onset of the transaction. 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 transactions on an annual basis as part of its continuing effort to provide market participants with timely and transparent updates.

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