Ford Credit Floorplan Master Owner Trust A Series Ratings Still On Watch Negative Pending Ford Motor Co. CW Resolution

NEW YORK (S&P Global Ratings) July 9, 2020--S&P Global Ratings today maintained on CreditWatch negative 19 ratings on 10 series issued by Ford Credit Floorplan Master Owner Trust A (FCFMOTA). The ratings were placed on CreditWatch with negative implications on April 6, 2020, following a downgrade and CreditWatch placement of Ford Motor Co. (see "Nine Rtgs Affirmed On Four Ford Credit Floorplan Master Owner Trust A Series; 19 Rtgs On 10 Series Placed On CW Negative") (see list). On March 25, 2020, we downgraded our rating on Ford Motor Co. to 'BB+' from 'BBB-' and placed it on CreditWatch with negative implications (see "Research Update: Ford Motor Co. And Subsidiary Ratings Lowered To ?BB+? And Placed On CW Negative Due

...NEW YORK (S&P Global Ratings) July 9, 2020--S&P Global Ratings today maintained on CreditWatch negative 19 ratings on 10 series issued by Ford Credit Floorplan Master Owner Trust A (FCFMOTA). The ratings were placed on CreditWatch with negative implications on April 6, 2020, following a downgrade and CreditWatch placement of Ford Motor Co. (see "Nine Rtgs Affirmed On Four Ford Credit Floorplan Master Owner Trust A Series; 19 Rtgs On 10 Series Placed On CW Negative") (see list). On March 25, 2020, we downgraded our rating on Ford Motor Co. to '##+' from '###-' and placed it on CreditWatch with negative implications (see "Research Update: Ford Motor Co. And Subsidiary Ratings Lowered To `##+' And Placed On CW Negative Due To Weaker Metrics, Pandemic Risk"). Ford Motor Co. is the primary manufacturer of the vehicles securing the floorplan receivables sold to FCFMOTA. The rating of the auto manufacturer is a key differentiating factor under our nondiversified auto dealer floorplan (DFP) ABS...

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