Ford Motor Credit Co. is marketing an auto loan ABS worth $1.07 billion. Ford Credit is a subsidiary of Ford Motor Co.
The transaction called Ford Credit Auto Owner Trust (FCAOT) 2011-B is backed by new and used automobile, light-truck, and utility vehicle loans purchased by Ford Credit from dealers and serviced by the firm, according to a Fitch Ratings’ presale report.
Fitch gave provisional ratings of ‘F1+’ to the deal’s class A-1 notes, ‘AAA’ to classes A-2, A-3, and A-4 notes, ‘AA’ to class B notes, ‘A’ to class C notes, and ‘BBB’ to class D notes.
The class A-1 notes are money market eligible while the class A-2 through D notes will be publicly offered, the rating agency reported. All notes in 2011-B are fixed rate, and proceeds from the transaction will be used for general funding purposes, Fitch said.
This is Ford Credit’s second public retail issuance in 2011, following the closing of the 2011-A transaction in January.
