Ford Motor Credit is prepping its second auto lease securitization of the year, according to Fitch Ratings.
The $1 billion Ford Credit Auto Lease Trust (FCALT) 2015-B is backed by an exchange note, which is backed in turn by a pool of closed-end leases on various brands of new vehicles primarily manufactured by Ford Motor Co. The leases were originated by Ford dealers and purchased by one a Ford Motor Credit titling companies.
Credit Agricole is the lead underwriter.
Fitch has assigned a preliminary ‘F1’ rating to the money market tranche and a prelimary ‘AAA’ rating to three senior tranches of term notes that benefit from credit enhancement of 38.7%. The trust will also issue a subordinate tranche of term notes with a preliminary ‘AA’ rating and credit enhancement of 21.94%.
The credit quality for the pool is consistent with that of recent pools, with a weighted average FICO score of 741 and weighted average original term is 34.5 months, with 84.1% of the leases with terms of 36 months or more, according to Fitch. The pool is geographically diverse with approximately 10 months of seasoning and comprises 100% new vehicles.
The leaes maturities are also well distributed. There are six months that each represents more than 5.00% of the total base residual value with a highest single-month period in July 2018 accounting for 6.4%. Fifty-one percent of the pool matures by October 2017, within two years of closing.
Ford's previous auto lease securitization came to market in April. The most recent auto lease securitization, from GM Financial, was launched Oct. 5.