Ford Motor Credit Co. has issued $1.0 billion securitization backed by a revolving pool of prime auto loans from its FUEL Trust series.
The series 2011-2 FUEL notes are to be backed by the 'A2', Moody's Investors Service rated $1bn Ford Credit Auto Owner Trust 2011-SRR2 notes, which is also currently marketing.
Ford Credit Auto Owner Trust is backed by a revolving pool of prime auto loans originated by Ford Motor Credit Co.
The FUEL notes, has been rated 'Baa2' by Moody's. The notes will be mandatorily exchanged for unsecured corporate bonds to be issued by Ford Credit upon its achieving an investment grade rating during the transaction's five year revolving period.