DBRS Confirms Broadway Credit Card Trust

DBRS has today confirmed the ratings of the Notes issued by Broadway Credit Card Trust (Broadway) and has removed them from Under Review with Negative Implications, where they were placed on March 3, 2009.

The confirmation is based on the increased credit support available to the Notes through a new series of subordinated notes held by the seller. Consequently, the credit support for the Notes (including the cash reserve account) is as follows:

-- Series 2004-2: 18.5%, 10.5% and 6.5% for Class A, Class B and Class C Notes, respectively (increased by 5% from 13.5%, 5.5% and 1.5%)
-- Series 2008-1: 15.5%, 10.5% and 5.5% for Class A, Class B and Class C Notes, respectively (increased by 4% from 11.5%, 6.5% and 1.5%)
-- Series 2008-2: 15.5%, 10.5% and 5.5% for Class A, Class B and Class C Notes, respectively (increased by 4% from 11.5%, 6.5% and 1.5%)
-- Series 2008-3: 18.5%, 12.5% and 6.5% for Class A, Class B and Class C Notes, respectively (increased by 5% from 13.5%, 7.5% and 1.5%)

While the loss rates of the portfolio remain elevated, DBRS considers that the increased credit support appropriately reflects DBRS’s revised expectations of future portfolio performance and is commensurate with the current AAA, ‘A’, and BBB ratings assigned to the Notes. Therefore, the ratings have been confirmed and removed from Under Review with Negative Implications.

Notes:
The applicable methodology is DBRS Criteria for Canadian Credit Card Securitization, which can be found on our website under Methodologies.

This is a Structured Finance rating.

Media Contact
Caroline Creighton
Senior Vice President
Communications
Tel. +1 416 597 7317
ccreighton@dbrs.com