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Presale: Golden Credit Card Trust - Series 2012-1 Feb 12 Product Image

Presale: Golden Credit Card Trust - Series 2012-1 Feb 12

  • ID: 2052058
  • February 2012
  • Standard & Poors

FEATURED COMPANIES

  • Golden Credit Card Trust
  • MORE

Abstract
The preliminary 'AAA (sf)' rating assigned to Golden Credit Card Trust-s senior notes series 2012-1 reflects: Our view that the proposed 4.5% credit support provided by the subordinated notes is sufficient to withstand the simultaneous stresses we apply to our 3.75%-5.75% base-case loss rate assumption, 29.0%-31.0% base-case payment rate assumption, 14.0%-16.0% base-case yield assumption, and 2.25%-4.25% purchase rate assumption. In addition, we used stressed excess spread assumptions to assess whether, in our opinion, the proposed credit support is commensurate with the preliminary 'AAA (sf)' rating on the senior notes. All of the stress assumptions outlined above are based on our current criteria and assumptions for credit card securitizations (see "General Methodology And Assumptions For Rating U.S. ABS Credit Card Securitizations,"...

Companies mentioned in this report are:
- Golden Credit Card 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

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