This assumes that the company will maintain an overall penetration rate of around 60%, broadly in line with historical figures. Moody's expects that Ford Credit's net receivables ($132 billion as of 31 December 2020) will moderately increase by low single digits in the next 12 months.
Ford Credit is the only rated auto captive firm that has a relatively limited lease portfolio (20% of managed assets as of 31 December 2020) making it less vulnerable to a rapid decline of used car prices than peers. Please see separate press release dated 29 March : Ford Motor Credit Company LLC.Commercial Paper, Affirmed NP.Backed Commercial Paper, Affirmed NP.Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)Ba2.Senior Unsecured Medium-Term Note Program (Foreign Currency), Affirmed (P)Ba2.Other Short Term (Local Currency), Affirmed (P)NP.Other Short Term (Foreign Currency), Affirmed (P)NP.Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba2.Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed Ba2.Senior Unsecured Regular Bond/Debenture (Foreign Currency), Affirmed Ba2.Senior Unsecured Shelf, Affirmed (P)Ba2.Subordinate Shelf, Affirmed (P)Ba3.Issuer: FCE Bank plc.Senior Unsecured Bank Credit Facility, Affirmed Ba2.Backed ST Deposit Note/CD Program (Foreign Currency), Affirmed NP.Commercial Paper (Foreign Currency), Affirmed NP.Senior Unsecured Medium-Term Note Program (Foreign Currency), Affirmed (P)Ba2.Other Short Term (Foreign Currency), Affirmed (P)NP.Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed Ba2.Senior Unsecured Regular Bond/Debenture (Foreign Currency), Affirmed Ba2.Issuer: Ford Credit Canada Company.Backed Commercial Paper, Affirmed NP.Backed Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)Ba2.Backed Senior Unsecured Medium-Term Note Program (Foreign Currency), Affirmed (P)Ba2.Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2.Backed Senior Unsecured Shelf, Affirmed (P)Ba2Outlook Actions.Issuer: Ford Motor Credit Company LLC.Outlook, Changed to Stable from Negative.Issuer: FCE Bank plc.Outlook, Changed to Stable from Negative.Issuer: Ford Credit Canada Company.Outlook, Changed to Stable from NegativeRATINGS RATIONALEFord Credit's unchanged ba2 standalone assessment takes into consideration the company's well managed portfolio asset quality, adequate capital cushion that protects its creditors against unexpected losses, and good liquidity supported by its operating model. This is based on Ford Credit's strategic significance to its parent, Moody's expectation that Ford would support Ford Credit, if required, as well as the explicit support agreement in place between the two companies. The outlook was changed to stable from negative.The rating actions follow similar actions on the ratings for Ford Credit's parent, Ford Motor Company (Ford, Ba2 corporate family rating, stable), consistent with Moody's Methodology of Captive Finance Subsidiaries of Nonfinancial Corporations.
Rating Action: Moody's affirms Ford Credit's ratings (long-term senior unsecured Ba2) and changes outlook to stable from negative, following similar actions on the parent's ratingsGlobal Credit Research - New York, Ma- Moody's Investors Service, ("Moody's") affirmed its ratings for Ford Motor Credit Company LLC (Ford Credit) and its subsidiaries, including the Ba2 long-term senior unsecured rating and Not Prime short-term ratings.
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