S&P Assigns Preliminary Rating to Ford Credit Auto Owner Trust 2001-A

    NEW YORK, Jan. 24 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 http://www.ratingsdirect.com. The report is also available on
Standard & Poor's Ratings Services Web site at
http://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