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S&P Assigns Preliminary Ratings to Ford Credit 2000-A

16 March 2000

S&P Assigns Preliminary Ratings to Ford Credit 2000-A

    NEW YORK, March 16 Standard & Poor's assigned its
preliminary ratings to Ford Credit Auto Owner Trust 2000-A's US$2.891 billion
asset-backed notes and certificates (see list).
    The preliminary ratings are based on information as of March 16, 2000.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
    The 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 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 favorable performance trends in Ford Motor Credit Co.'s
recent portfolio and securitization data.
    A copy of Standard & Poor's complete presale report for this transaction
can be found on RatingsDirect, Standard & Poor's Web-based credit analysis
system. The report is also available on Standard & Poor's Web site at
http://www.standardandpoors.com/ratings. Under Presale Reports, select
Structured Finance, then Asset-Backed Securities. -- CreditWire

    PRELIMINARY RATINGS ASSIGNED

    Ford Credit Auto Owner Trust 2000-A

    Class       Amount (US$000s)     Rating
    A-1                 155,000      A-1+
    A-2                 377,000      A-1+
    A-3               1,000,000      AAA
    A-4                 975,000      AAA
    A-5                 171,480      AAA
    B                    99,200      A
    C                    56,690      BBB
    D                    56,690      BB