Chase Issuance Trust Class A(2009-2) CHASEseries Notes Assigned 'AAA' Preliminary Rating May 09

Standard & Poors, May 2009

Abstract
NEW YORK (Standard & Poor's) May 11, 2009--Standard & Poor's Ratings Services today assigned its preliminary 'AAA' rating to Chase Issuance Trust's $5 billion class A(2009-2) floating-rate CHASEseries notes due April 2014. The preliminary rating is based on information as of May 11, 2009. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating. The preliminary rating is based on: -- The 14% credit support that the subordinated notes provide; -- Our view of the credit risk associated with the collateral loan pool's quality, based on our economic forecast, the trust's portfolio performance, the pool statistics, and vintage data; -- The credit rating on Chase Bank USA N.A. (Chase; AA-/Negative/A-1+), the originator; --...

Companies mentioned in this report are:
- Chase Issuance Trust
- Chase Bank U.S. N.A.

Action: Preliminary Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Chase Issuance Trust
- Chase Bank U.S. N.A.

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