In the newest edition of Moody's Investors Service Auto Navigator publication, the rating agency highlighted the unique characteristics of Ford Motor Credit Co.'s ABS deal launched in mid-April called Ford Upgrade Exchange Linked Notes Series 2011-1 (FUEL notes).

The $1.5 billion, five-year securitization is automatically exchangeable for Ford Credit senior unsecured notes if the company achieves an investment grade rating, according to the rating agency.

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