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All Chase Issuance Trust Class C 'BBB' Ratings Placed On CreditWatch Negative Apr 09
Standard & Poors, April 2009
Abstract
NEW YORK (Standard & Poor's) April 2, 2009--Standard & Poor's Ratings Services today placed its 'BBB' ratings on all class C notes from Chase Issuance Trust's ChaseSeries on CreditWatch with negative implications (see list). The CreditWatch placements reflect an acceleration in the trust's charge-offs since the beginning of 2008, rising delinquency rates, slight deterioration in the trust's total yield, and our net loss rate forecast for the Chase Issuance Trust receivables. Standard & Poor's net loss forecast for the trust is 8.0%-9.0%. Our forecast is based on, among other factors, performance trends, collateral characteristics, and our current baseline and pessimistic economic forecast that unemployment in the next 12-18 months could reach 9.7% and 11.7 %, respectively. The class C notes...
Companies mentioned in this report are: Chase Issuance Trust
Action: On CreditWatch:Negative
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.
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