Fitch Rates Eagle Credit Card Trust, Series 2015-1

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to Eagle Credit Card Trust, series 2015-1:

--$232,500,000 2.147% credit card receivables-backed class A notes, series 2015-1 'AAAsf', Outlook Stable;

--$8,750,000 2.947% credit card receivables-backed class B notes, series 2015-1 'Asf', Outlook Stable;

--$8,750,000 3.687% credit card receivables-backed class C notes, series 2015-1'BBBsf', Outlook Stable.

KEY RATING DRIVERS

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, President's Choice Bank's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early amortization triggers.

RATING SENSITIVITIES

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults, 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower MPR.

Reducing the purchase rate alone has the least impact on rating migration even in the most severe scenario of a 0% purchase rate. The rating sensitivity to an increase in defaults is more pronounced with a moderate and severe stress of 50% and 75%, respectively, and would lead to a possible downgrade of the senior notes. The harshest scenario assumes both increased defaults and reduced MPR stresses occur simultaneously, and would lead to possible downgrades across all classes.

To date, the transactions have exhibited strong performance, with all performance metrics within Fitch's expectations. For further discussion of our sensitivity analysis, please see the related presale report.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at '[email protected]'.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds (pub. 19 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=838868

Global Credit Card ABS Rating Criteria (pub. 26 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867482

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

Eagle Credit Card Trust, Series 2015-1 - Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=871083

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=991354

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991354

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20150925005601/en/

Fitch Ratings
Primary Analyst
Harry Kohl
Associate Director
+1-212-908-0837
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Herman Poon
Director
+1-212-908-0847
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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