S&P Raises Rtgs on Ford Credit Auto Owner Tr 1999-C

    NEW YORK--Standard & Poor's--Feb. 22, 2001-- Standard & Poor's today raised its ratings on Ford Credit Auto Owner Trust 1999-C's asset-backed subordinated notes and certificates (see list).
    The raised ratings reflect increased loss protection percentages due to the buildup of credit enhancement and to the transaction's strong credit performance. After 18 months of performance, the pool factor is 46.14%, and the collateral pool is displaying excellent performance trends, including a cumulative net loss rate of 0.49% (of the original collateral pool balance). Subordination levels have grown over the life of the transaction, with subordination for the class B notes at 8.58% of the outstanding adjusted net collateral pool balance, and subordination for the class C certificates at 4.29% of the outstanding adjusted net collateral pool balance. Also, the reserve account remains at its required level of 0.50% of the original collateral pool balance (1.13% of the outstanding adjusted net collateral pool balance), and the yield supplement overcollateralization amount is at its target level of $64,571,981.77 (4.24% of the original collateral pool balance).
    Standard & Poor's expects the remaining credit support will be sufficient to support the notes and certificates at their new rating levels. -- CreditWire

OUTSTANDING RATINGS RAISED

Ford Credit Auto Owner Trust 1999-C
Asset-backed subordinated notes and certificates
Class         Rating
            To      From
B notes     AA+     A
C certs     AA-     BBB
D certs     BBB     BB