Fitch Expects to Rate Ford Credit Floorplan Master Owner Trust A, Series 2015-2; Presale Issued

Fitch Ratings expects to assign ratings to Ford Credit Floorplan Master Owner Trust A (FCFMOT), series 2015-2 as follows:

--Class A-1/A-2 'AAAsf'; Outlook Stable;

--Class B 'AAsf'; Outlook Stable;

--Class C NR;

--Class D NR.

KEY RATING DRIVERS

Consistent Quality of Receivables: The trust receivables in this series have a high percentage of loans backing new vehicles at over 92%, are geographically diverse and have strong collateral aging, with only 5.1% of the trust inventory aged past 270 days (as of Sept. 30, 2014).

Limited Asset Concentrations: Dealers are subject to concentration limits, mitigating the risk of individual dealer defaults and losses. Furthermore, the exposure to individual vehicle type, manufacturer or segment is mitigated with concentration limits in place.

Strong Dealer Network: Based on dealer financial metrics and Ford Credit's internal dealer risk ratings (categorized into four distinct groups), the financial health of Ford's dealer network is currently strong, with the majority of dealers profitable in early 2015.

Strong Trust Performance: FCFMOT continues to experience positive trends in overall performance, including elevated monthly payment rates (MPRs), adequate asset yields, low agings and delinquencies, minimal dealer defaults and no trust losses.

Sufficient Credit Enhancement: Initial credit enhancement (CE) for the class A notes is 24.38% (of the pool), consisting of 11.50% subordination, 12.00% available subordinate amount and a 0.88% reserve. Structural features, including early amortization triggers, mitigate risks stemming from dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: Ford Credit demonstrates adequate abilities as an originator, underwriter and servicer, as evidenced by the historical delinquency and loss performance of FCFMOT. Wells Fargo Bank N.A. (Wells Fargo) is the backup servicer for this series.

Legal Structure Integrity: The legal structure of the transaction provides that a bankruptcy of Ford Credit would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

To conduct rating sensitivity for the issued notes, under a category B Dealer Floorplan platform, Fitch assumes portfolio default levels at 10%, 25%, and 40%, and 2014-1 with the assumption that the above defaults have occurred and recoveries stressed accordingly, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'Ford Credit Floorplan Master Owner Trust A Series 2015-2--Appendix'. 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 April 17, 2012.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at [phone] or at '[e-mail]'.

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

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 6, 2015);

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Ford Credit Floorplan Master Owner Trust A, Series 2015-2' (Jan. 29, 2015).

--'Ford Credit Floorplan Master Owner Trust A, Series 2015-2 - Appendix (Jan. 29, 2015).

Applicable Criteria and Related Research: Ford Credit Floorplan Master Owner Trust A, Series 2015-2 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861322

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=833468

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978812

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