Fitch Publishes Eagle Credit Card Trust, Series 2013-1 New Issue Report | Business Wire

NEW YORK–(BUSINESS WIRE)–Fitch Ratings publishes a new issue report for Eagle Credit Card Trust,

Series 2013-1.

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 monthly payment rate (‘MPR’).

The harshest stress scenario of a combined 75% increase to defaults and

a 35% reduction of MPR could lead to the most drastic downgrades to all

classes. Under a moderate stress of a 50% increase in defaults and 25%

reduction in MPR, rating migration could be less impacted. However,

increasing defaults by 75% and reducing purchase rate by 100% alone in

comparison will have the least impact on rating migration.

For a discussion of the representations, warranties, and enforcement

mechanisms available to investors in this transaction, please see the

related appendix.

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 ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Credit Card ABS Rating Criteria’ (May 2014);

–‘Global Structured Finance Rating Criteria’ (August 2014);

–‘Representations, Warranties, and Enforcement Mechanisms in Global

Structured Finance Transactions’ (April 2012).

Applicable Criteria and Related Research: Eagle Credit Card Trust,

Series 2013-1

http://bit.ly/1vBpQKK

Global Credit Card ABS Rating Criteria

http://bit.ly/1vBpQKO

Global Structured Finance Rating Criteria

http://bit.ly/1pv8DLQ

Representations, Warranties, and Enforcement Mechanisms in Global

Structured Finance Transactions

http://bit.ly/1vBpSCt

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND

DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING

THIS LINK: http://bit.ly/1pv8DLU.

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.

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