Presale: Discover Card Execution Note Trust - Class A(2011-2) May 11
Standard & Poors, May 2011
Abstract
The preliminary 'AAA (sf)' rating assigned to Discover Card Execution Note Trust's (the note issuance trust's) class A(2011-2) DiscoverSeries notes reflects our view of: The 23.0% credit support that the subordinated notes provide, which we believe is likely sufficient to withstand the simultaneous stresses we apply to our 8.0%-10.0% base-case loss rate, 15.0%-17.0% base-case payment rate, 16.0%-18.0% base-case yield, and 1.0%-3.0% purchase rate assumptions for the class A(2011-2) notes. In addition, we used stressed excess spread and note interest rate assumptions to assess whether, in our opinion, available credit support is sufficient for the class A(2011-2) notes. All of the stress assumptions outlined above are based on our current criteria and assumptions (for more information, see "General Methodology And Assumptions...
Companies mentioned in this report are:
- Discover Card Execution Note Trust
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Discover Card Execution Note Trust
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