DBRS Confirms Ford Credit Floorplan Master Owner Trust A Ratings and Removes from Under Review with Developing Implications

DBRS, Inc. (DBRS) has conducted a review of 15 publicly rated securities contained in five asset-backed securities transactions issued from Ford Floorplan Master Owner Trust A. The ratings were placed Under Review with Developing Implications upon the publication of updated DBRS rating methodologies entitled Rating U.S. Wholesale Securitizations and Unified Interest Rate Model for Rating U.S. Wholesale ABS Transactions on February 2, 2015.

Existing credit enhancement levels for all of the securities reviewed provide sufficient support to withstand stresses contained in the new rating methodologies.

The following transactions have been reviewed and the press release provides a link to each transaction’s outstanding ratings:

-- Ford Credit Floorplan Master Owner Trust A, Series 2010-2 Notes
-- Ford Credit Floorplan Master Owner Trust A, Series 2010-3 Notes
-- Ford Credit Floorplan Master Owner Trust A, Series 2014-1 Notes
-- Ford Credit Floorplan Master Owner Trust A, Series 2014-2 Notes
-- Ford Credit Floorplan Master Owner Trust A, Series 2014-4 Notes

Notes:
The applicable methodologies are Rating U.S. Wholesale Securitizations, Unified Interest Rate Model for Rating U.S. Wholesale ABS Transactions and DBRS Master U.S. ABS Surveillance Methodology which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.