Fitch Ratings affirms Currus XII Limited as follows:
--$250,000,000 senior facility at 'BBB';
--$3,125,000 subordinated B1 facility at 'BBB';
--$3,125,000 subordinated B2 facility at 'BBB'.
The ratings are based primarily on an analysis of the underlying collateral which consists of credit card asset-backed securities (ABS) currently rated 'AAA', 'A' and 'BBB' by Fitch. In addition, the rating considers the structure of the transaction which provides for 2.5% of subordination to the senior facility. The subordinated B1 facility and the subordinated B2 facility do not benefit from subordination. The subordinated B1 facility and the subordinated B2 facility are pari passu and paid pro rata. Finally, Fitch considered the ratings of all of the counterparties involved in the transaction and their guarantors.
Fitch's ratings for the senior facility and subordinated B Facility address the likelihood of full repayment of interest and principal in accordance with the terms of the transaction's governing documents depending on the facility.
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.
Contacts:
Fitch Ratings, New York
Amy Gan, +1-212-908-9143
Aoto
Kenmochi, +1-212-908-0867
Media Relations:
Sandro Scenga,
+1-212-908-0278
sandro.scenga@fitchratings.com