Link to Fitch Ratings' Report: U.S. Credit Card ABS Tear Sheet
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=677969
Fitch Ratings has published its monthly 'U.S. Credit Card ABS Tear Sheet'. This report shows Fitch's break-even stress scenarios for the largest credit card issuers using April 2012 performance data. The break-even runs are based on the 12- and three-month average performance for each trust, using the current one-month LIBOR rate for the LIBOR assumption. It allows investors to compare trust performance with the same baseline.
This report also contains the following: a) Credit Card Performance Metrics Summary for Prime Portfolio; b) Issuance Ratings Summary; c) Issuance Trust Credit Enhancement Summary; d) Issuance Trust Enhancement Summary; e) Issuance Trust Comparison data; f) Credit Enhancement Changes history summary, and g) Break-even Multiples comparison summary.
'U.S. Credit Card ABS Tear Sheet' is available on the Fitch Ratings web site at 'www.fitchratings.com' under the following headers:
Structured Finance>> ABS >> Special Report
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Credit Card ABS Rating Criteria' (June 28, 2011);
--'Credit Cards: Asset Quality Review 1Q11' (May 6, 2011);
--'U.S. Credit Card ABS Ratings and Structures Withstand Persistent Pressures' Aug. 24, 2010);
--'Credit Card Movers & Shakers' (Dec. 1, 2011);
--'U.S. Credit Card ABS through the Crisis' (Jan. 20, 2010).
Applicable Criteria and Related Research:
Global Credit Card ABS Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672
Credit Cards: Asset Quality Review 1Q11
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=626709
U.S. Credit Card ABS Ratings and Structures Withstand Persistent Pressures
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548649
U.S. Credit Card ABS Through the Crisis - "A Look Back at What Could Have Been..."
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=496192
Movers and Shakers Q42011
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672950
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Contacts:
Fitch Ratings, New York
Primary Analyst:
Lauren Tierney,
+1-212-908-9168
Associate Director
Fitch, Inc.
1 State
Street Plaza
New York, NY 10004
or
Secondary Analyst:
Cynthia
Ullrich, +1-212-908-9609
Senior Director
or
Media
Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com