Market Overview

Fitch Affirms Ford Credit Auto Lease Trust 2012-A

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed four classes of notes issued by Ford Credit Auto Lease Trust 2012-A as detailed below:

--Class A-2 notes at 'AAAsf'; Rating Outlook Stable;
--Class A-3 notes at 'AAAsf'; Rating Outlook Stable;
--Class A-4 notes at 'AAAsf'; Rating Outlook Stable;
--Class B notes at 'AAsf'; Rating Outlook to Positive from Stable.

The affirmations reflect the increase in credit enhancement since closing and strong collateral performance. Credit and residual performance has been well within Fitch's expectations to date. The Stable Outlooks to the outstanding Class A notes reflect Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the current ratings. The outlook revision to the Class B notes reflects Fitch's view that if the notes continue to perform well upgrades are likely to occur within the next 12 - 18 months.

Fitch will continue to monitor economic conditions and their impact and the trust level performance variables, and update the ratings accordingly.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Auto Lease ABS' (May 14, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:
Criteria for Rating U.S. Auto Lease ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Eugene Kushnir, +1-212-908-0830
Associate Director
Fitch Ratings, Inc.
70 West Madison St.
Chicago, IL 60602
or
Committee Chairperson:
Bradley Sohl, +1-312-368-3127
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

 

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