DBRS Rates Ford Auto Securitization Trust Series 2009-R3 Asset-Backed Notes

DBRS has today assigned the following ratings to Ford Auto Securitization Trust (the Trust or FAST):

-- AAA to the Asset-Backed Notes, Series 2009-R3, Class A-1 (the Class A-1 Notes)
-- AAA to the Asset-Backed Notes, Series 2009-R3, Class A-2 (the Class A-2 Notes)
-- AAA to the Asset-Backed Notes, Series 2009-R3, Class A-3 (the Class A-3 Notes)

On closing, the Trust acquired a portfolio of retail car and light truck auto loans (the Portfolio of Loans) from Ford Credit Canada Limited (FCCL). The Class A-1 Notes, Class A-2 Notes and Class A-3 Notes (collectively, the Notes) are pass-through securities, with monthly repayment of interest and principal based on actual cash flows from the Portfolio of Loans and are rated AAA based on full repayment by their Final Scheduled Payment Dates.

Stress tests using assumptions that include replacement servicer fees and large increases in delinquency and credit losses indicate that credit enhancement provides sufficient protection to the Notes to warrant the AAA ratings.

Notes:
The applicable methodology is Rating Canadian Auto Loan Securitization, which can be found on our website under Methodologies.

This is a Structured Finance rating.