Ford European auto ABS nears pricing as investors digest Moody's downgrade

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By Tom Brown
10 Sep 2019

Moody's has downgraded the senior unsecured rating of Ford Motor Credit Company from to Ba1 from Baa3 just as the company looks to price an auto ABS deal via its European finance arm, FCE Bank.

GlobalDrive Auto Receivables UK 2019-A is set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory framework. Lloyds and BNP Paribas are arranging the deal, alongside NatWest and Santander joining as joint lead managers.

Moody's cited "operating inefficiencies" in key regional markets as well as a ...

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