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Criteria | Structured Finance | ABS: Revised Purchase And Payment Rate Assumptions For U.S. Credit Card ABS Sep 11
Standard & Poors, Sep 2011
Abstract
This criteria update applies to our analysis of all U.S. credit card ABS. These criteria supersede the criteria for establishing rating-specific stress scenario purchase and payment rate modeling parameters outlined in 'General Methodology And Assumptions For Rating U.S. ABS Credit Card Securitizations,' published April 19, 2010. The criteria for establishing purchase and payment rate modeling parameters have been revised based on our analysis of the insolvency of three credit card lenders: NextBank N.A., First Consumer National Bank, and Advanta Bank Corp. In each case, the performance of their portfolios deteriorated significantly following the closure of the underlying accounts. There have been other cases where a bank's insolvency did not result in the closure of related credit card accounts, such as...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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