Presale: Chase Issuance Trust - Class A(2009-5) Jun 09
Standard & Poors, June 2009
Abstract
The preliminary rating assigned to Chase Issuance Trust's (CHAIT's or the trust's) floating-rate class A(2009-5) notes is based on: Our view that the 14% credit support provided by the subordinated notes is sufficient to withstand the simultaneous stresses that we apply, for each rating category, to our 8.0%-9.0% base case loss rate assumption, 15.0%-17.0% base case payment rate assumption, 13.5%-15.5% base case yield assumption, and 2.0%-4% purchase rate assumption. In addition, we use stressed excess spread and note interest rate assumptions to determine if sufficient credit support is available for each rating category. All of the stress assumptions outlined above are based on our current criteria and assumptions for rating this transaction (see "General Methodology And Assumptions For Rating U.S....
Companies mentioned in this report are:
- Chase Issuance 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
- Chase Issuance Trust
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