DBRS Confirms Ratings of Eagle Credit Card Trust

In light of the recent discussions surrounding the potential negative rating impact driven by certain market participants, DBRS has today confirmed the ratings of the outstanding notes (the Notes) issued by Eagle Credit Card Trust (the Trust) as follows:

-- Credit Card Receivables-Backed Notes, Series 2010-2, Class A Notes at AAA (sf)
-- Credit Card Receivables-Backed Notes, Series 2010-2, Class B Notes at A (sf)
-- Credit Card Receivables-Backed Notes, Series 2010-2, Class C Notes at BBB (sf)
-- Credit Card Receivables-Backed Notes, Series 2013-1, Class A Notes at AAA (sf)
-- Credit Card Receivables-Backed Notes, Series 2013-1, Class B Notes at A (sf)
-- Credit Card Receivables-Backed Notes, Series 2013-1, Class C Notes at BBB (sf)

The confirmation is in conjunction with the DBRS press release “DBRS Reiterates Its Approach to Rating Canadian Credit Cards” published on September 18, 2014, and is part of DBRS’s continued effort to provide timely credit rating opinions and increased transparency to market participants.

DBRS notes that the underlying assets in the Trust continue to perform within DBRS’s expectation and the monthly stress-testing results continue to indicate that simultaneous declines in yield and payment rates and increases in losses would not result in a failure of the Trust to repay the Notes on a timely basis. Therefore, negative rating action is not warranted at this time.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are DBRS Criteria for Canadian Credit Card Securitization, Legal Criteria for Canadian Structured Finance and Canadian Structured Finance Surveillance Methodology, which are available on our website under Methodologies.