OREANDA-NEWS. Fitch Ratings has affirmed the ratings for Ford Credit Auto Lease Trust 2014-B and revised the Rating Outlook to Positive on one class. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The affirmation of the class A and B notes reflects loss coverage levels consistent with their current rating. Hard credit enhancement (CE) has grown for all classes since close, and residual performance is consistent with Fitch's initial expectations. The Outlook revision of the class B notes to Positive from Stable reflects a potential upgrade in the next one to two years.

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 transaction has exhibited strong credit and residual performance, inside 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.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue report dated July 22, 2014. Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'Ford Credit Auto Least Trust 2014-B - 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 March 26, 2015.

Fitch has affirmed the following ratings:

--Class A-2a affirmed at 'AAAsf'; Outlook Stable;
--Class A-2b 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 revised to Positive from Stable.