Press Release
DBRS Assigns Ratings to 1st Financial Credit Card Master Note Trust II, Series 2011-A and Confirms All Outstanding Ratings
Consumer Loans & Credit CardsDBRS has today assigned ratings to the following classes issued by 1st Financial Credit Card Master Note Trust II (Trust II), Series 2011-A:
-$83.1 million Series 2011-A Notes, Class A rated AAA (sf)
-$11.8 million Series 2011-A Notes, Class B rated AA (high) (sf)
-$13.4 million Series 2011-A Notes, Class C rated A (high) (sf)
-$16.5 million Series 2011-A Notes, Class D rated BBB (high) (sf)
This transaction represents the first series issued by Trust II in 2011.
In connection with the issuance of Series 2011-A, approximately $95 million of receivables will be transferred from 1st Financial Credit Card Master Note Trust III (“Trust III”) to 1st Financial Credit Card Master Note Trust II (“Trust II”). After the transaction is issued, there will be six series outstanding in Trust II.
DBRS has also confirmed the exiting ratings in both Trust II and Trust III. The rating confirmations on the existing series are due to the ability of the transactions to withstand stressed cash flow assumptions, the conservative nature of DBRS base case variables (principal payment rate, charge-offs and yield), the credit enhancement for each series, rated note and rated Cash Collateral Accounts, the presence of excess spread triggers with a 3.5% buffer and the current level of excess spread. Current performance has also been in line with DBRS expectations.
The ratings reflect the ability of the transaction structure to withstand significant stresses relative to base case losses, yield stresses and payment rate stresses, as appropriate for the rating category.
Note:
All figures are in U.S. dollars unless otherwise noted.
The applicable methodology is Rating U.S. Credit Card Securitizations, which can be found on our website under Methodologies.
The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.
Ratings
1st Financial Credit Card Master Note Trust II, Series 2009-A
1st Financial Credit Card Master Note Trust II, Series 2010-A
1st Financial Credit Card Master Note Trust II, Series 2010-B
1st Financial Credit Card Master Note Trust II, Series 2010-C
1st Financial Credit Card Master Note Trust II, Series 2010-D
1st Financial Credit Card Master Note Trust II, Series 2011-A
1st Financial Credit Card Master Note Trust III, Series 2009-II
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
Related Documents
Methodology Used:
Credit Rating Report:
Other:
Contacts
Chris O'Connell
Senior Vice President - US ABS Ratings
+(1) 212 806 3253
christopher.oconnell@morningstar.com- Stephanie Whited
Senior Vice President - US Structured Finance Ratings, Operational Risk
+(1) 212 806 3948
stephanie.whited@morningstar.com