Fitch Affirms 2 Classes and Upgrades 3 Classes of Ford Credit Auto Owner Trust 2011-B

NEW YORK--(BUSINESS WIRE)--

As part of its ongoing surveillance, Fitch Ratings affirms two classes and upgrades three classes of the Ford Credit Auto Owner Trust 2011-B transaction as follows:

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;

--Class A-4 affirmed at 'AAAsf'; Outlook Stable;

--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive;

--Class C upgraded to 'AAsf' from 'Asf'; Outlook Positive;

--Class D upgraded to 'Asf' from 'BBBsf'; Outlook Positive.

KEY RATING DRIVERS

The ratings are based on growing credit enhancement and low loss performance to date. The collateral pools continue to perform within Fitch's expectations, with cumulative net losses currently at 38 basis points. In addition, under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the updated ratings and make full payments to investors in accordance with the terms of the documents.

The ratings reflect the quality of Ford Motor Credit Company's retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction.

RATING SENSITIVITY

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited strong performance with losses well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, continued performance consistent with recent performance for the transaction would most likely result in positive rating actions. Conversely, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding rating.

Initial Key Rating Drivers and Rating Sensitivity further described in the New Issue report published on July 2, 2009.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Auto Loan ABS Rating Criteria' (April 16, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704137

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=792006

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