S&P Assigns Ford Credit Auto Owner Tr Prelim Ratings
26 July 1999
S&P Assigns Ford Credit Auto Owner Tr Prelim Ratings
NEW YORK --(Standard & Poor's)--July 23, 1999-- Standard & Poor's today assigned its preliminary ratings to Ford Credit Auto Owner Trust 1999-C's asset-backed securities as follows:| -- | $838 million class A-1 and A-2 at 'A-1'-plus; |
| -- | $2.1 billion class A-3 through A-6 at triple-'A'; |
| -- | $109 million class B at single-'A'; |
| -- | $62.5 million class C certificates at triple-'B'; and |
| -- | $62.5 million class D at double-'B'. |
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 .5% of initial receivables; |
| -- | A turbo allocation feature whereby excess spread is utilized to pay the securities and create overcollateralization to a certain specified amount; and |
| -- | Favorable performance trends in Ford Credit's recent portfolio and securitization data. |
This will be Ford Credit's third auto loan term transaction of 1999 and closely resembles the previous two in terms of structural features and credit enhancement.
The presale report is available on Standard & Poor's Web site at www.standardandpoors.com/ratings. Select Presale Reports, Structured Finance-ABS. -- CreditWire