DBRS Comments on Canadian Credit Card Trust

DBRS Limited (DBRS) has today commented on Canadian Credit Card Trust (CCCT), following the assignment of rights, duties and obligations by CCCT to Canadian Credit Card Trust II (CCCT II).

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

DBRS notes that the assignment and assumption above do not affect the performance of CCCT, and therefore determines that there is no impact on the ratings of the Notes.

The existing rating reports for the Notes will not be updated to reflect the changes of the legal structure as the last existing series of the Notes is expected to be repaid in September 2015.

Notes:
The applicable methodologies are Rating Canadian Credit Card and Personal Line of Credit Securitizations (November 2014) and Legal Criteria for Canadian Structured Finance (August 2014), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.