OVERVIEW Ford Credit Floorplan Master Owner Trust A's issuance is an asset-backed notes securitization backed by a revolving pool of receivables that were originated in connection with dealers purchasing and financing new and used car, truck, and utility vehicles, which consist primarily of Ford-manufactured vehicles. We assigned our preliminary ratings to the class A-1, A-2, B, C, and D notes. The preliminary rating reflect our view of the transaction's sufficient hard credit support for classes A, B, C, and D; decrease in payment rate over a six-month period; increase in the frequency of dealer defaults and collateral loss severity; inclusion of a structural feature whereby the transaction's required subordination amount will increase; credit risk inherent in the collateral loan pool;
