DBRS Confirms the Ratings of Master Credit Card Trust

DBRS has today confirmed the ratings of all the outstanding notes (the Notes) previously issued by Master Credit Card Trust (MCCT), following the assignment of rights, duties and obligations by MCCT to Master Credit Card Trust II (MCCT II).

After the assumption of all MCCT’s liabilities under the Notes, MCCT II, along with MCCT, becomes a co-obligor of the Notes and is entitled to all right, title and interest of MCCT in the assets and its allocated collections to make payments owing on the Notes. As MCCT no longer has interest in the assets after the assignment, all future notes will be issued by MCCT II only.

A rating report for the Notes will be released to reflect the changes of the legal structure.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodologies are DBRS Criteria for Canadian Credit Card Securitization (April 2011) and Legal Criteria for Canadian Structured Finance (September 2012), which can be found on our website under Methodologies.