Fitch to Rate Eagle Credit Card Trust Series 2015-1; Presale Issued

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has issued a presale report for Eagle Credit Card Trust series 2015-1, which Fitch expects to rate as follows:

--TBD Credit Card Receivables-Backed Class A Notes Series

2015-1 'AAAsf'; Outlook Stable;

--TBD Credit Card Receivables-Backed Class B Notes Series

2015-1 'Asf'; Outlook Stable;

--TBD 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.

A comparison of the transaction's Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for the asset class is available by accessing the appendix that accompanies the Presale Report. Please refer to 'Eagle Credit Card Trust, Series 2015-1 -- Appendix ', published on Sep. 18, 2015 at www.fitchratings.com.

Additional information is available at www.fitchratings.com.

Eagle Credit Card Trust, Series 2015-1

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=871014

Applicable Criteria

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=990984

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990984

Endorsement Policy

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150918005481/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
Michael Dean
Managing Director
+1-212-908-0556
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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