S&P Asgns Rtgs to Ford Credit Auto Owner Trust 2002-A

    NEW YORK--Jan. 17, 2002--(Standard & Poor's)--Standard & Poor's assigned its ratings to Ford Credit Auto Owner Trust 2002-A's $5,901,482,000 asset-backed notes and certificates series 2002-A (see list).
    The ratings reflect credit support from the subordination of 6.75% for class A, 3.86% for class B, and 1.93% for class C; a nonamortizing, fully funded reserve account equal to 0.50% of initial receivables; as well as a turbo mechanism whereby excess spread after losses and reserve fund top-off will be used to pay the securities instead of being released to the seller, thereby creating overcollateralization. The ratings also take into account the favorable performance of Ford Motor Credit Co.'s asset-backed securitizations.
    This information is contained in a full analysis released Jan.16, 2002, titled "Ford Credit Auto Owner Trust 2002-A." It is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com.
    The analysis is also available on www.standardandpoors.com. Select Forum; then, under Ratings Analysis, select Structured Finance.



Ford Credit Auto Owner Trust 2002-A
Asset-backed notes and certificates series 2002-A
Class    Rating    Amount ($000s)
A-1      A-1+             725,000
A-2a     AAA              550,000
A-2b     AAA            1,550,000
A-3a     AAA              325,000
A-3b     AAA            1,740,000
A-4      AAA              606,480
B        A                173,570
C        BBB              115,716
D        BB               115,716