Ford Motor Credit Co. will become the year’s first prime auto ABS issuer with its $1.5 billion securitization that is backed by prime auto loan receivables.

The deal, Ford Credit Auto Owner Trust 2014-A has been assigned preliminary ratings by Standard & Poor’s. The deal is structured with ‘AAA’ rated, fixed-rate class A notes; ‘AA+’-rated, fixed-rate, class B notes; and ‘AA’ rated, fixed-rate class C notes. The class D notes will not be rated by S&P.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.