Ford Auto Securitization Trust Ratings Raised On Four Classes, Affirmed On 26, From Eight Transactions

Primary Credit Analyst: Peter W Chang, CFA, New York (1) 212-438-1000; peter_chang@standardandpoors.com Secondary Contact: Mark M Risi, New York (1) 212-438-1000; mark_risi@standardandpoors.com Research Contributor: Natasha Luthra, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

Overview We raised our ratings on four subordinated classes and affirmed our ratings on the five other classes from Ford Auto Securitization Trust's series 2011-R1 and 2011-R2. We affirmed our ratings on all classes from series 2009-R2, 2009-R3, 2010-R1, 2010-R2, 2010-R3, and 2012-R1. The securitizations are backed by sales contracts secured by new and used automobiles and light duty trucks originated by Ford Credit Canada Ltd. NEW YORK (Standard & Poor's) Feb. 6, 2013--Standard & Poor's Ratings Services today raised its ratings on four classes of subordinated notes, and affirmed the ratings on the five other classes from Ford Auto Securitization Trust's series 2011-R1 and 2011-R2. We also affirmed our ratings on all classes from series 2009-R2, 2009-R3, 2010-R1, 2010-R2, 2010-R3, and 2012-R1 (see list). Today's rating actions reflect each transaction's collateral performance to date, our views regarding future collateral performance, and each transaction's structure and credit enhancement level. In addition, our analysis incorporates secondary credit factors, such as credit stability; payment priorities under various scenarios; and economic-, sector-, and issuer-specific analyses.

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Ford Auto Securitization Trust Ratings Raised On Four Classes, Affirmed On 26, From Eight Transactions

Since the transactions closed, the credit support for each has increased as a percentage of the amortizing pool balance. In addition, for those transactions with 12 or more months of performance, we decreased our lifetime loss expectations based on lower-than-expected default frequencies (see tables 1 and 2). For series 2012-R1, we maintained our lifetime loss expectation based on the transaction's relatively brief performance history of eight months to date. Table 1 Collateral Performance (%) As of the January 2013 distribution date Pool 60+ day Current Series Mo. factor delinq. CRR 2009-R2 41 13.78 0.30 53.61 2009-R3 41 13.23 0.42 56.28 2010-R1 36 25.65 0.27 61.02 2010-R2 33 32.48 0.23 59.16 2010-R3 28 38.07 0.20 61.60 2011-R1 23 45.18 0.33 59.58 2011-R2 21 51.95 0.19 57.69 2012-R1 8 79.12 0.13 59.35 Mo.--month. CRRcumulative recovery rate. Table 2 CNL Expectations (%) As of the January 2013 distribution date Prior Revised lifetime lifetime Series CNL exp. CNL exp. 2009-R2 1.00-1.10 0.80-0.85 2009-R3 0.80-0.90 0.65-0.70 2010-R1 0.90-1.00 0.75-0.80 2010-R2 1.25-1.35 0.85-0.90 2010-R3 0.90-1.00 0.70-0.75 2011-R1 1.50-1.70 0.75-0.85 2011-R2 1.50-1.70 0.80-0.90 2012-R1 1.15-1.35 N/A CNL exp.--cumulative net loss expected. N/A--not applicable. Each transaction has a sequential principal payment structure. Credit enhancement for each transaction consists of a combination of any of the following: overcollateralization, a nonamortizing reserve account, subordination and a yield supplement overcollateralization amount (YSOA) that enhances excess spread. The credit support levels for each transaction have grown for all outstanding classes as a percentage of the declining collateral balance and are currently at their respective credit enhancement targets or floors (see table 3). Current CNL 0.79 0.64 0.65 0.68 0.48 0.46 0.44 0.10 CNL--cumulative net loss.

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Ford Auto Securitization Trust Ratings Raised On Four Classes, Affirmed On 26, From Eight Transactions

Table 3 Hard Credit Support (%) As of the January 2013 distribution date Total hard credit support at issuance* 5.32 5.29 5.52 2.81 1.00 (0.81) 5.41 2.77 1.00 (0.77) 5.52 2.81 1.00 (0.81) 5.64 2.86 1.00 (0.86) 5.55 2.82 1.00 (0.82) Total hard credit support (% of current)* 51.14 65.90 28.58 18.00 10.95 3.90 22.11 13.95 8.52 3.08 19.25 12.13 7.38 2.63 16.60 10.43 6.32 2.21 14.17 8.92 5.42 1.92

Series 2009-R2 2009-R3 2010-R1 2010-R1 2010-R1 2010-R1 2010-R2 2010-R2 2010-R2 2010-R2 2010-R3 2010-R3 2010-R3 2010-R3 2011-R1 2011-R1 2011-R1 2011-R1 2011-R2 2011-R2 2011-R2 2011-R2

Class Notes A A B C D A B C D A B C D A B C D A B C D

2012-R1 A 5.61 9.66 2012-R1 B 2.84 6.16 2012-R1 C 1.00 3.83 2012-R1 D (0.84) 1.50 *Calculated as a percent of the total gross receivable pool balance, consisting of a reserve account, overcollateralization and/or subordination. YSOA-enhanced excess spread is excluded from the hard credit support that can provide additional enhancement. In our opinion, the total credit support, as a percentage of the amortizing pool balance, compared with our current remaining loss expectations, is adequate for each of the raised or affirmed ratings.

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Ford Auto Securitization Trust Ratings Raised On Four Classes, Affirmed On 26, From Eight Transactions

Our review of the transactions incorporated a cash flow analysis that used current and historical performance to estimate future performance. Our scenarios included forward-looking assumptions on recoveries, the timing of losses, and voluntary absolute prepayment speeds that we believe are appropriate given the transaction's performance to date. The results demonstrated, in our view, that all of the classes from these transactions have adequate credit enhancement at their raised or affirmed ratings. In addition to our breakeven cash flow analysis, we conducted a sensitivity analysis to determine the impact that a moderate ('BBB') stress scenario would have on the ratings if losses were to trend higher than our revised base-case loss expectations. Our results show that the raised and affirmed ratings are consistent with our rating stability criteria, which outline the outer bound of credit deterioration for any given security under specific, hypothetical stress scenarios. We will continue to monitor the performance of all of the outstanding transactions to ensure that the credit enhancement remains sufficient, in our view, to cover our cumulative net loss expectations under our stress scenarios for each of the rated classes. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED Ford Auto Securitization Trust Rating To AA (sf) AA- (sf) AA (sf) AA- (sf)

Series 2011-R1 2011-R1 2011-R2 2011-R2

Class C D C D

From AA- (sf) BBB+ (sf) AA- (sf) BBB+ (sf)

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Ford Auto Securitization Trust Ratings Raised On Four Classes, Affirmed On 26, From Eight Transactions

RATINGS AFFIRMED Ford Auto Securitization Trust Series 2009-R2 2009-R3 2010-R1 2010-R1 2010-R1 2010-R1 2010-R2 2010-R2 2010-R2 2010-R2 2010-R3 2010-R3 2010-R3 2010-R3 2010-R3 2011-R1 2011-R1 2011-R1 2011-R2 2011-R2 2012-R1 2012-R1 2012-R1 2012-R1 2012-R1 2012-R1 Class Notes A-3 A-3 B C D A B C D A-2 A-3 B C D A-2 A-3 B A B A-1 A-2 A-3 B C D Rating AAA (sf) AAA (sf) AAA (sf) AA+ (sf) AA (sf) AA- (sf) AAA (sf) AA+ (sf) AA (sf) AA- (sf) AAA (sf) AAA (sf) AA+ (sf) AA (sf) AA- (sf) AAA (sf) AAA (sf) AA+ (sf) AAA (sf) AA+ (sf) AAA (sf) AAA (sf) AAA (sf) AA+ (sf) AA (sf) A (sf)

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