The preliminary ratings assigned to Ford Credit Auto Owner Trust 2022-A's (FCAOT 2021-A) asset-backed notes reflect: The availability of approximately 11.1%, 8.8%, and 7.9% credit support for the class A (classes A-1, A-2, A-3, and A-4, collectively), class B, and class C notes, respectively (based on stressed break-even cash flow scenarios, including excess spread). These credit support levels provide coverage of approximately 9.2x, 7.3x, and 6.6x our 1.10%-1.30% 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 (see the S&P Global Ratings' Expected Loss section). The timely interest and full principal payments made under stressed cash flow modeling scenarios