Presale: Applause 2012-1 Beneficial Interests And Applause 2012-1 Trust ABL Mar 12

Standard & Poors, March 2012

Abstract
Nippon Standard & Poor's K.K. has assigned its preliminary 'AAA (sf)' rating to the Applause 2012-1 beneficial interests asset-backed securities (ABS) transaction, and its preliminary 'AAA' rating to the Applause 2012-1 Trust ABL, due February 2018 (see the tables above). The beneficial interests are secured by a pool of credit card shopping receivables and credit card cash advance receivables (hereafter, collectively referred to as "credit card receivables") originated under credit card agreements, and the trust asset-backed loan (ABL) is backed by the beneficial interests. The preliminary ratings reflect our opinion on the likelihood of the full and timely payment of interest and the ultimate repayment of principal by the transaction's legal final maturity date in February 2018. The preliminary ratings...

Companies mentioned in this report are: Applause 2012-1 Trust ABL,Applause 2012-1 beneficial interests

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

Applause 2012-1 Trust ABL,Applause 2012-1 beneficial interests

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