Ford Motor Credit has made some tweaks to its platform for securitizing dealer inventory financing, according to Standard & Poor’s.

The financing arm of Ford Motor Co. is preparing a pair of as-yet unsized floorplan deals, the Series 2015-4 and Series 2015-5. Both will issue three classes of subordinate notes, the B, C and D tranches. In addition, both will offer both fixed-rate and floating-rate notes. Previous deals offered only floating rate notes.

S&P expects to assign an ‘AAA’ rating to the senior tranches to be issued both Ford Credit Floorplan Master Owner Trust Series 2015-4 and Series 2015-5, which benefit from credit support of 24.38%.

The Series 2015-4 notes will have an expected maturity of August 2018 and the Series 2015-5 notes will have an expected maturity of August 2020; both will be underwritten by Barclays Capital, Deutsche Bank Securities, Morgan Stanley, and RBS Securities.

The collateral consists of receivables secured by vehicles from designated revolving accounts between Ford Credit's and Ford Motor Co.'s retail automobile dealers. Each receivable is an obligation in which the dealer agrees to repay the loan amount that it incurred when purchasing a vehicle for its inventory; the related vehicle secures the receivable. The dealer generally repays the related receivables when it sells the underlying vehicle.

A dealer's inventory may include new and used cars and light-, medium-, and heavy-duty trucks, which includes vans and other vehicle classifications such as SUVs, crossover vehicles, and vehicles intended for fleet sales, or sales of 10 or more vehicles to a corporation or governmental agency.

According to S&P, there have been no material changes in collateral performance since the previous transaction, as the monthly payment rates have been stable, averaging above 40% year to date, and losses have remained at 0%.

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