DBRS Upgrades Glacier Credit Card Trust Subordinated Notes to A (high) (sf) and Confirms Senior Notes at AAA (sf)

DBRS Limited (DBRS) has today upgraded the following ratings on the subordinated classes of outstanding term notes issued by Glacier Credit Card Trust (the Trust), due to an increase in the Enhancement Percentage (overcollateralization) for each term series from 5.5% to 7.0% (of the unadjusted invested amount) on May 15, 2015:

-- Credit Card Asset-Backed Subordinated Notes, Series 2010-1 to A (high) (sf) from A (sf)
-- Credit Card Asset-Backed Subordinated Notes, Series 2012-1 to A (high) (sf) from A (sf)
-- Credit Card Asset-Backed Subordinated Notes, Series 2012-2 to A (high) (sf) from A (sf)
-- Credit Card Asset-Backed Subordinated Notes, Series 2013-1 to A (high) (sf) from A (sf)
-- Credit Card Asset-Backed Subordinated Notes, Series 2014-1 to A (high) (sf) from A (sf)

DBRS has also confirmed the following ratings on the outstanding notes issued by the Trust:

-- Asset-Backed Commercial Paper, Series 1997-1 at R-1 (high) (sf)
-- Credit Card Asset-Backed Senior Notes, Series 2010-1 at AAA (sf)
-- Credit Card Asset-Backed Senior Notes, Series 2012-1 at AAA (sf)
-- Credit Card Asset-Backed Senior Notes, Series 2012-2 at AAA (sf)
-- Credit Card Asset-Backed Senior Notes, Series 2013-1 at AAA (sf)
-- Credit Card Asset-Backed Senior Notes, Series 2014-1 at AAA (sf)

DBRS stress testing indicates that simultaneous declines in yield and payment rates and increases in losses would not result in a failure of the Trust in repaying the outstanding notes on a timely basis. The severity of the tests applied is commensurate with the respective ratings of the outstanding notes.

DBRS’s analysis also indicates that the Subordinated Notes are expected to withstand more punitive A (sf) stress multiples, warranting a (high) designation and resulting in the rating upgrade to A (high) (sf) from A (sf).

Notes:
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 Rating Canadian Credit Card and Personal Line of Credit Securitizations (November 2014), Legal Criteria for Canadian Structured Finance (August 2014) and Rating Canadian ABCP and Related Enhancement Features (April 2015), which are available on our website under Methodologies.