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Ford Credit Auto Owner Trust 1997-B, 1998-A Upgraded

25 August 1999

Ford Credit Auto Owner Trust 1997-B, 1998-A Upgraded

    NEW YORK--Aug. 25, 1999--Fitch IBCA upgrades Ford Credit Auto Owner Trust 1997-B's class B asset-backed notes to `AA' from `A+' and class C asset-backed notes to `A+' from `BBB+'. In addition, Ford Credit Auto Owner Trust 1998-A's class B asset-backed notes are upgraded to `AA' from `A', class C asset-backed certificates are upgraded to `A' from `BBB' and class D asset-backed certificates are upgraded to `BBB' from `BB'.
    The rating upgrades are a result of increased available credit enhancement for both transactions in excess of expected remaining losses. The collateral continues to perform within Fitch IBCA's base case expectations and, under both credit enhancement structures, the bonds can now withstand stress scenarios consistent with the upgraded ratings and still make full and timely payments of principal and interest. As before, the ratings reflect the quality of Ford Motor Credit Co.'s retail auto loan originations, the sound financial and legal structure of the transactions and servicing provided by Ford Motor Credit Co.