New York, December 09, 2015 -- Moody's has reviewed the Second Amended and Restated Limited Liability Agreement of CAB East LLC and the Second Amended and Restated Limited Liability Agreement of CAB West LLC, both dated December 1, 2015 (collectively, the Amendments). The Amendments were prompted by Ford Credit's plans to file a new Regulation AB II compliant shelf registration statement with the SEC for their public lease securitization platform. CAB East LLC and CAB West LLC are titling companies that acquire the leases and leased vehicles from Ford dealers, and their LLC agreements were originally drafted and put in place in 2003 to support multiple types of lease securitization structures that are no longer used and reflect parties no longer involved in Ford Credit's leasing operations. The Amendments effectively update the LLC agreements to reflect Ford Credit's current lease operations and securitization structures. At this time, the transactions contemplated in the Amendments will not, in and of themselves, result in a reduction or withdrawal of the current rating on any Ford Credit Auto Lease Trust ABS issued and outstanding securities.

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