S&P Assigns Preliminary Ratings to Ford Credit Auto Owner Trust 2001-D

    NEW YORK, Aug. 21 Standard & Poor's today assigned its
preliminary ratings to Ford Credit Auto Owner Trust 2001-D's
$2,766,209,000 asset-backed notes and certificates series 2001-D (see list).
    The preliminary ratings are based on information as of Aug. 21, 2001.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
    The preliminary ratings reflect subordination of 6.78% for class A, 3.87%
for class B, and 1.94% 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 the favorable
performance of Ford Motor Credit Co.'s previous securitizations.
    Stress case cash flows demonstrate that there is adequate credit
enhancement for each class of securities commensurate with their preliminary
ratings.
    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.

    PRELIMINARY RATINGS ASSIGNED
    Ford Credit Auto Owner Trust 2001-D
    Class                           Rating        Amount ($000s)
    A-1                             A-1+                 572,600
    A-2                             AAA                  842,000
    A-3                             AAA                  970,000
    A-4                             AAA                  191,710
    B                               A                     81,419
    C                               BBB                   54,240
    D                               BB                    54,240