OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed nine classes of outstanding notes from the Ford Credit Auto Owner Trust (FCAOT) 2013-A and 2013-C. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of the remaining notes in the transactions reflect loss coverage levels consistent with the current ratings. The transactions continue to perform well within Fitch's cumulative net loss expectations 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 loss proxies and impact available loss coverage and multiples levels for the transactions. 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 transactions, 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 transactions have 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 transactions in this review can be found in the respective appendices 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 these rating actions.

Fitch has affirmed the following ratings:

2013-A

--Class A-4 at 'AAAsf'; Outlook Stable;

--Class B at 'AAAsf'; Outlook Stable;

--Class C at 'AAAsf'; Outlook Stable;

--Class D at 'AAAsf'; Outlook Stable.

2013-C

--Class A-3 at 'AAAsf'; Outlook Stable;

--Class A-4 at 'AAAsf'; Outlook Stable;

--Class B at 'AAAsf'; Outlook Stable;

--Class C at 'AAAsf'; Outlook Stable;

--Class D at 'AAAsf'; Outlook Stable.