As part of its ongoing surveillance, Fitch Ratings affirms four and upgrades two classes of notes issued from the Ford Credit Auto Owner Trust (FCAOT) series 2015-A as follows:

2015-A:

--Class A-2A affirmed at 'AAAsf'; Outlook Stable;

--Class A-2B affirmed at 'AAAsf'; Outlook Stable;

--Class A3 affirmed at 'AAAsf'; Outlook Stable;

--Class A4 affirmed at 'AAAsf'; Outlook Stable;

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

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

--Class D is not rated by Fitch.

KEY RATING DRIVERS

The rating affirmations reflect loss coverage levels consistent with current ratings. The transaction continues to perform well within Fitch's cumulative net loss expectation to date.

The ratings reflect the quality of Ford Motor Credit Company's (FMCC) retail auto loan originations, the sound financial and legal structure of the transaction, and the strength of the servicing provided by FMCC.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact the 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 expectations. 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, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representation and Warranties (R&W) of the transaction in this review can be found in the respective appendix listed below. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions' dated March 26, 2015.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Fitch's Interest Rate Stress Assumptions for Structured Finance and Covered Bonds - Excel File (pub. 22 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=840189

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

Rating Criteria for U.S. Auto Loan ABS (pub. 15 Oct 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872046

Related Research

Ford Credit Auto Owner Trust 2015-A -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863507

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998175

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998175

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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