Transaction Update: Ford Credit Floorplan Master Owner Trust A (Various Series) Subordinated Notes

S&P Global Ratings assigned ratings to 11 classes of subordinate notes from five series (2017-3, 2018-2, 2018-4, 2019-3, and 2019-4) previously issued by Ford Credit Floorplan Master Owner Trust A (FCFMOTA) and initially retained by the depositors of the ABS trust, Ford Credit Floorplan Corp. and Ford Credit Floorplan LLC, wholly owned entities of Ford Motor Credit Co. LLC (Ford Credit). The ratings reflect: Our view that the hard credit support (expressed as a percentage of the collateral amount) for each class of the five series is sufficient to withstand our stress scenarios commensurate with the assigned ratings. The issuer credit rating (ICR) on the primary manufacturer, Ford Motor Co. (Ford; BB+/Positive/A-2). The 25.0% three-month principal payment rate trigger, which,

...S&P Global Ratings assigned ratings to 11 classes of subordinate notes from five series (2017-3, 2018-2, 2018-4, 2019-3, and 2019-4) previously issued by Ford Credit Floorplan Master Owner Trust A (FCFMOTA) and initially retained by the depositors of the ABS trust, Ford Credit Floorplan Corp. and Ford Credit Floorplan LLC, wholly owned entities of Ford Motor Credit Co. LLC (Ford Credit). The ratings reflect: + Our view that the hard credit support (expressed as a percentage of the collateral amount) for each class of the five series is sufficient to withstand our stress scenarios commensurate with the assigned ratings. + The issuer credit rating (ICR) on the primary manufacturer, Ford Motor Co. (Ford; ##+/Positive/A-2). + The 25.0% three-month principal payment rate trigger, which, when breached, causes a subordination step-up...

Transaction Update Report