Presale: Gracechurch Card Programme Funding PLC (Series 2011-3) Apr 11
Standard & Poors, April 2011
Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Gracechurch Card Programme Funding PLC's asset-backed floating-rate class A1 and A2 notes series 2011-3. The 2011-3 series will be Barclays Bank PLC's 18th issuance into the U.K. credit card securitization market. Gracechurch Card Programme Funding will issue the 'AAA (sf)' rated euro-denominated asset-backed floating-rate class A1 notes and the 'AAA (sf)' rated British pound sterling-denominated asset-backed floating-rate class A2 notes. At the same time, Gracechurch Card Programme Funding will also issue unrated sterling-denominated class D notes. Gracechurch is a master trust established and operated by Barclays Bank PLC (AA-/Negative/A-1+), whereby issuances to the capital markets partially fund the credit card receivables. Our ratings on the remaining outstanding trust notes...
Companies mentioned in this report are:
- Barclays Bank PLC
- Gracechurch Card Programme Funding PLC
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
- Barclays Bank PLC
- Gracechurch Card Programme Funding PLC
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