News Column

Fitch Affirms Ford Credit Floorplan Master Owner Trust A Series 2013-3, 2013-4 and 2013-5

June 10, 2014

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the following outstanding notes issued by the Ford Credit Floorplan Master Owner Trust A (FCFMOT A) as a result of its annual review of the trust:

2013-3

--Class A-1 at 'AAAsf'; Outlook Stable;

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook Stable;

--Class C at 'Asf'; Outlook Stable;

--Class D at 'BBBsf'; Outlook Stable.

2013-4

--Class A at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook Stable;

--Class C at 'Asf'; Outlook Stable;

--Class D at 'BBBsf'; Outlook Stable.

2013-5

--Class A-1 at 'AAAsf'; Outlook Stable;

--Class A-2 at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook Stable;

--Class C at 'Asf'; Outlook Stable;

--Class D at 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation on the notes is reflective of the available loss coverage levels, and stable trust performance metrics which continue to be within Fitch's expectations.

The rating actions are based on the application of Fitch's global Dealer Floorplan (DFP) ABS criteria, and the loss coverage levels provided by the structure's credit enhancement. Fitch's review of the assumptions and stresses during this review are relatively consistent with the initial rating review. The current coverage levels are consistent with the approach outlined in the criteria for Category B DFP platforms. FCFMOT A is assigned 'Category B'.

Fitch will continue to monitor FCFMOT A and may take additional rating actions in the event of changes in trust performance and/or credit enhancement.

RATING SENSITIVITY

To conduct rating sensitivity for the issued notes, under a Category B Dealer Floorplan platform, Fitch assumes portfolio default levels at 10%, 25%, and 40%, and under two recovery-level scenarios of 50% and 30%. Fitch modeled the series with the assumption that the above defaults have occurred and recoveries stressed accordingly, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

To date, trust performance metrics are stable. A material deterioration in performance metrics would have to occur in performance to have a potential negative impact on ratings.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'Ford Credit Floorplan Master Owner Trust A Series 2013-3--Appendix', 'Ford Credit Floorplan Master Owner Trust A Series 2013-4--Appendix' and 'Ford Credit Floorplan Master Owner Trust A Series 2013-5--Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions' dated April 17, 2012.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 13, 2014);

--'Global Structured Finance Rating Criteria' dated May 28, 2014;

--'Floorplan Master Owner Trust A Series 2013-3' (June 10, 2013);

--Floorplan Master Owner Trust A Series 2013-4 (June 10, 2013);

--Floorplan Master Owner Trust A Series 2013-5 (Sep. 9, 2013).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=728236

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Ford Credit Floorplan Master Owner Trust A, Series 2013-3 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710464

Ford Credit Floorplan Master Owner Trust A, Series 2013-4 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710498

Ford Credit Floorplan Master Owner Trust A, Series 2013-5 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=717861

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=833958

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Khadija El Mediouri, +1-212-908-9109

Analyst

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Hylton Heard, +1-212-908-0214

Senior Director

or

Committee Chairperson

Bradley Sohl, +1-312-908-0792

Senior Director

or

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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