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Presale: Ford Credit Auto Owner Trust 2020-C

The preliminary ratings assigned to Ford Credit Auto Owner Trust 2020-C's (FCAOT 2020-C's) asset-backed notes reflect: The availability of approximately 12.2%, 9.5%, and 8.2% credit support for the class A-1, A-2, A-3, and A-4 (collectively, class A), class B, and class C notes, respectively. These credit support levels provide coverage of approximately 8.1x, 6.3x, and 5.5x our 1.40%-1.60% expected net loss range to the class A, B, and C notes, respectively, and are commensurate with the assigned preliminary 'A-1+ (sf)', 'AAA (sf)', 'AA+ (sf)', and 'AA (sf)' ratings.