...- Ford Auto Securitization Trust II's series 2024-A issuance is an ABS securitization backed by prime auto loan receivables. - We assigned our ratings to the class A-1, A-2, A-3, and B notes. - The ratings reflect our view of the transaction's available credit support, and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) April 23, 2024--S&P Global Ratings today assigned its ratings to Ford Auto Securitization Trust II's series 2024-A asset-backed notes (see list). The note issuance is an ABS securitization backed by prime auto loan receivables. The ratings reflect our view of: - The availability of approximately 9.0% and 7.5% credit support to the class A (class A-1, A-2, and A-3, collectively) and B notes, respectively (based on stressed break-even cash flow scenarios, including excess spread). These credit support levels provide coverage of at least 5.0x and 4.5x our expected net loss of 1.10% for the class A and B notes, respectively. - Our expectation...
