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Presale: Ford Credit Auto Lease Trust 2021-B

The preliminary ratings assigned to Ford Credit Auto Lease Trust 2021-B's (FCALT 2021-B) asset-backed notes series 2021-B reflect our view of: The availability of approximately 30.2%, 24.8%, and 21.0% credit enhancement for the class A, B, and C notes, respectively, in the form of 9.45% and 4.10% subordination; 13.50% overcollateralization, which will build to a target of 16.00% of the initial securitization value; a 0.25% nonamortizing reserve account; and excess spread (all percentages are measured in terms of the pool's initial aggregate securitization value). Our expectation that under a moderate ('BBB') stress scenario (2.0x our expected loss level), all else being equal, our preliminary ratings on the class A, B, and C notes are consistent with the credit stability limits