Standard & Poor's Ratings Services has assigned 'AAA (sf)' credit ratings to Penarth Master Issuer PLC's $600 million class A1 asset-backed floating-rate notes series 2011-2. We have also affirmed our ratings on all of the other outstanding notes in the master trust. The transaction uses a de-linked issuance platform to issue these notes. De-linked issuance allows Penarth to issue the 'AAA (sf)', 'A (sf)', and 'BBB+ (sf)' rated notes at different intervals, provided there is sufficient credit enhancement in place to maintain the current ratings on the outstanding notes. The trust was created in 2008 and comprised credit card receivables originated by Bank of Scotland PLC. On Nov. 25, 2011, £2.9 billion of HBOS receivables were added to the trust...
Companies mentioned in this report are:
- Penarth Master Issuer PLC
Action: New Rating
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Research Type: Full Analysis