S&P Raises Rtgs on Five Ford Crdt Auto Owner Tr Deals

    NEW YORK--Standard & Poor's--Nov. 8, 2001-- Standard & Poor's today raised its ratings on five Ford Credit Auto Owner Trust subordinated asset-backed transactions (see list).
    The raised ratings reflect increased loss protection percentages due to the buildup of credit enhancement, the strong credit performance of the transactions, and low expected remaining cumulative net losses. As of August 2001, the percentage of accounts that were 120 or more days past due for the four deals originated in 1999 were less than 0.19%, and repossession inventories were less than 0.25%. For the 2000-A transaction, the percentage of accounts that were 120 or more days past due was 0.08%, and the repossession inventory was 0.20%. Cumulative net losses for all five transactions remained under Standard & Poor's original expectation of about 2.0%. In addition, the reserve account and overcollateralization for all five transactions remained at their target levels.
    All five transactions incorporated a premium proceeds structure at closing, turboing excess spread to build credit enhancement, and the reprioritization of cash flow away from subordinated interest to senior principal in the event of high losses. Additionally, the five transactions are structured with a yield supplement overcollateralization amount that is used to cover the risk associated with underwater contracts that yield less than the coupon on the debt plus servicing fee.
    Standard & Poor's expects the remaining credit support will be sufficient to support the notes and certificates at their new rating levels.

OUTSTANDING RATINGS RAISED

Ford Credit Auto Owner Trust 1999-A
Class         Rating
            To      From
C certs     AAA     AA+
D certs     A       BBB+

Ford Credit Auto Owner Trust 1999-B
Class         Rating
            To      From
C certs     AAA     AA+
D certs     A       BBB+

Ford Credit Auto Owner Trust 1999-C
Class         Rating
            To      From
C certs     AA+     AA
D certs     BBB+    BBB

Ford Credit Auto Owner Trust 1999-D
Class         Rating
            To      From
B notes     AAA     AA+
C certs     AA      A+
D certs     BBB+    BB+

Ford Credit Auto Owner Trust 2000-A
Class         Rating
            To      From
B notes     AA      A
C certs     A       BBB
D certs     BB+     BB