S&P Asgns Prelm Rtg to Ford Cre Auto Owner Tr 2001-A

    NEW YORK--Standard & Poor's--Jan. 24, 2001-- Standard & Poor's today assigned its preliminary ratings to Ford Credit Auto Owner Trust 2001-A's $3,167,704,000 asset-backed notes and certificates.
    The preliminary ratings are based on information as of Jan. 24, 2001. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect subordination of 7.5% for class A, 4% for class B, and 2% for class C; a nonamortizing, fully funded reserve account equal to 0.5% of initial receivables; a turbo allocation feature whereby excess spread will be used to pay the securities and create overcollateralization to a certain specified amount; and favorable performance trends in Ford Motor Credit Co.'s recent portfolio and securitization data.
    A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities, Standard & Poor's said.---CreditWire

PRELIMINARY RATINGS ASSIGNED

Class                Rating                Amount ($000s)
Ford Credit Auto Owner Trust 2001-A
A-1                  A-1+                     200,000,000
A-2                  A-1+                     385,000,000
A-3                  AAA                    1,190,000,000
A-4                  AAA                      800,000,000
A-5                  AAA                      359,785,000
B                    A                        108,695,000
C                    BBB                       62,112,000
D                    BB                        62,112,000