DBRS Rates Ford Credit Floorplan Master Owner Trust A Series 2014-1 and 2014-2

DBRS, Inc. (DBRS) assigned provisional ratings to the Ford Credit Floorplan Master Owner Trust A, Series 2014-1 and 2014-2 (FCFMOTA 2014-1 and 2014-2). The FCFMOTA 2014-1 and 2014-2 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 2014-1 and 2014-2 transactions, the master trust has outstanding [fifteen] series of notes, three of which are variable funding notes. As of December 31, 2013, the receivables in the master trust stemmed from 3,379 designated accounts and totaled $17.75 billion.

Credit enhancement for the series 2014-1 and 2014-2 class A notes is the same as the series 2013-5 class A notes. Enhancement for the Class A Notes, as a percentage of the total asset balance, is 24.38%. This amount is derived from a 12.0% available subordinate amount, subordination from the Class B, C and D Notes (3.50%, 5.0% and 3.0% respectively) and a 0.88% reserve account (as a percentage of total assets). The total asset balance is $1,307,189,773.

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.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.