OREANDA-NEWS. Fitch Ratings has taken rating actions on the notes issued by two Ford Credit Auto Lease Trusts as part of its ongoing surveillance as detailed below:

Ford Credit Auto Lease Trust 2013-A
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 notes affirmed at 'AAAsf'; Outlook Stable;
--Class B notes upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive.
--Class C notes upgraded to 'AAsf' from 'Asf'; Outlook Positive.
--Class D notes upgraded to 'Asf' from 'BBBsf'; Outlook Positive.

Ford Credit Auto Lease Trust 2014-A
--Class A-2a notes affirmed at 'AAAsf'; Outlook Stable;
-- Class A-2b notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 notes affirmed at 'AAAsf'; Outlook Stable;
--Class B notes affirmed at 'AAsf'; Outlook Stable;
--Class C notes affirmed at 'Asf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations in both transactions and upgrades to the class B, C and D notes in 2013-A reflect increases in credit enhancement since closing and adequate collateral performance. Credit losses for both transactions have been within Fitch's expectations to date. Residual performance has been producing cumulative gains for the 2013-A transaction and tracking below Fitch's initial base case loss assumption for the 2014-A transaction. The Stable Outlooks reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with 'AAAsf'.


While residual values have exhibited some market softening, credit and residual losses continue to be well within initial expectations. Fitch will continue to monitor economic conditions and their impact as well as trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transactions have exhibited strong credit and residual performance, well within Fitch's initial expectations with rising loss coverage. Due to the growing credit enhancement levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.

Fitch's stress and rating sensitivity analyses are discussed in the presale reports titled 'Ford Credit Auto Lease Trust 2013-A (US ABS)', dated March 11, 2013 and 'Ford Credit Auto Lease Trust 2014-A (US ABS)', dated March 17, 2014 , both of which are available on Fitch's web site.

Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in ' Ford Credit Auto Lease Trust 2013-A -- Appendix' and 'Ford Credit Auto Lease Trust 2014-A -- Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated October 31, 2014.