DBRS Rates Capital One Multi-asset Execution Trust (COMET), Cardseries Class C (2009-A) Notes

DBRS has today assigned a ‘BBB’ rating to the Class C (2009-A) notes issued by Capital One Multi-asset Execution Trust (COMET). The rating is based on the credit enhancement available and the quality of the transaction’s sponsor, collateral, financial and legal structure.

COMET is a de-linked structure, which allows new series of any class of notes to be issued independently so long as sufficient credit enhancement exists in the capital structure to support it.

Capital One Bank (USA), N.A. (rated ‘A(low)’; ‘R-1(low)’; Negative trend) is the originator and servicer of the receivables in the bank’s managed trust and the master trust. The originator transfers receivables to the transferor, Capital One Funding. The transferor transfers receivables to the master trust. The master trust has issued a collateral certificate for the benefit of COMET, which certificate represents an undivided interest in the receivables in the master trust. The notes issued by COMET are, therefore, secured by the collateral certificate.

COMET issues notes designated by class (class A, B, C and D). The class designations denote the class’ relative priority of interest and principal within the program. Each class of notes shares finance charges, payments/collections, defaults or losses, pro-rata with all other classes of the same priority level. Each issuance of notes, regardless of class may have a different maturity date and interest rate than other issuances of notes.

Before issuance of new series of notes out of COMET, credit enhancement tests for each class of notes must be met. In addition, no issuance can occur from the issuance trust if an event of default, early redemption, or early amortization event has occurred.

Notes:
The applicable methodology is Rating U.S. Credit Card Securitizations, October 2008, which can be found on our website under Methodologies.

This is a Structured Finance rating.

This rating is based on public information.