Ford Motor Credit has launched an offering of $810 million of securities backed by prime retail auto loans.

The deal, dubbed Ford Credit Auto Owner Trust 2016-REV2, will issue three tranches of notes with a legal final maturity of December 2017. Moody’s Investors Service has assigned a preliminary ‘AAA’ rating to the senior, $750 million tranche, which benefits from credit enhancement of 9.5%. It also assigned an ‘Aa1’ to $34.01 million tranche with 5.75% credit enhancement and an ‘A1’ to another $34.01 million tranche with 2% credit enhancement.

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