Washington Mutual Master Note Trust's (formerly
Providian Master Note Trust) $300 million class 2006-M1 (formerly
ProvidianSeries) floating-rate notes and $150 million class 2006-C2
floating-rate notes are rated 'AA' and 'BBB', respectively, by Fitch
Ratings. Class M noteholders will receive monthly interest payments of
1-month LIBOR (1mL) + 0.09% and Class C note holders are will receive
monthly interest payments of 1mL + 0.50% on the 15th day of each
month, commencing on Sept. 17, 2006.
The ratings reflect the credit quality of the collateral certificate, which is based on the quality of the receivables that make up Washington Mutual Master Trust's (formerly Providian Gateway Master Trust), available credit enhancement, the servicing expertise of Washington Mutual Bank (successor by merger to Providian National Bank), and the transaction's legal and financial structures.
Credit enhancement for the 'AA' rated class M notes is provided through subordination of classes C, D, and E totaling 24.0% and for the 'BBB' rated class C notes credit enhancement is provided through subordination of classes D, and E totaling 11.5%. Additionally, a spread account has been established for the benefit of all classes.
The ratings address the likelihood of investors receiving timely interest payments in accordance with the terms of the underlying documents and full repayment of principal by the Aug. 15, 2013 legal final termination date for the class 2006-M1 notes and Aug. 17, 2015 for the class 2006-C2 notes. They do not address the likelihood of principal repayment by the expected note payment dates of Aug. 17, 2009 and Aug. 15, 2011, respectively.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
The ratings reflect the credit quality of the collateral certificate, which is based on the quality of the receivables that make up Washington Mutual Master Trust's (formerly Providian Gateway Master Trust), available credit enhancement, the servicing expertise of Washington Mutual Bank (successor by merger to Providian National Bank), and the transaction's legal and financial structures.
Credit enhancement for the 'AA' rated class M notes is provided through subordination of classes C, D, and E totaling 24.0% and for the 'BBB' rated class C notes credit enhancement is provided through subordination of classes D, and E totaling 11.5%. Additionally, a spread account has been established for the benefit of all classes.
The ratings address the likelihood of investors receiving timely interest payments in accordance with the terms of the underlying documents and full repayment of principal by the Aug. 15, 2013 legal final termination date for the class 2006-M1 notes and Aug. 17, 2015 for the class 2006-C2 notes. They do not address the likelihood of principal repayment by the expected note payment dates of Aug. 17, 2009 and Aug. 15, 2011, respectively.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.