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S&P Assigns Preliminary Ratings to Ford Credit Auto Owner Trust 2000-F

25 October 2000

S&P Assigns Preliminary Ratings to Ford Credit Auto Owner Trust 2000-F

    NEW YORK, Oct. 25 Standard & Poor's today assigned its
preliminary ratings to Ford Credit Auto Owner Trust 2000-F's $2,838,431,000
notes and certificates.
    The preliminary ratings are based on information as of Oct. 25, 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 (and the variable
pay term notes that may be subsequently issued to pay the outstanding class A
notes on or after their target maturity dates), 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
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com.  The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com/ratings. Under Presale Reports, select
Structured Finance, then Asset-Backed Securities, Standard & Poor's said. --
CreditWire

                         PRELIMINARY RATINGS ASSIGNED

    Class                         Amount ($000s)          Rating
    Ford Credit Auto Owner Trust 2000-F
    A-1                              906,000,000          AAA
    A-2                              701,000,000          AAA
    A-3                              520,000,000          AAA
    A-4                              343,000,000          AAA
    A-5                              159,722,000          AAA
    B                                 97,397,000          A
    C                                 55,565,000          BBB
    D                                 55,565,000          BB