NEW YORK (Standard & Poor's) July 27, 2004--Standard & Poor's Ratings Services today assigned its preliminary ratings to Ford Credit Floorplan Master Owner Trust A's $3 billion floating-rate asset-backed notes series 2004-1(see list). The preliminary ratings are based on information as of July 27, 2004. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- Credit enhancement sufficient to withstand losses at the assigned rating levels; -- Structures that include certain amortization events, allocation waterfalls, and portfolio limitations limiting investor exposure to losses; and -- The underwriting and servicing capabilities of Ford Motor Credit Co. The preliminary ratings do not address the likelihood that the notes will be retired
