DBRS Morningstar Comments on Golden Credit Card Trust, Series 2022-3, 2022-4, and 2023-1 Class B and Class C Note Conversions

DBRS Limited (DBRS Morningstar) notes that the respective Credit Card Receivables-Backed Class B Notes and Credit Card Receivables-Backed Class C Notes of Series 2022-3, Series 2022-4, and Series 2023-1 issued by Golden Credit Card Trust (the Trust) have been converted by the Trust from Canadian dollar-denominated, semiannual pay notes to U.S. dollar-denominated, monthly pay notes. The U.S. dollar note amount and coupon rate of each class is listed below:

-- Credit Card Receivables-Backed Class B Notes, Series 2022-3: USD 46,639,000 note amount, 6.86% coupon
-- Credit Card Receivables-Backed Class C Notes, Series 2022-3: USD 20,728,000 note amount, 8.00% coupon
-- Credit Card Receivables-Backed Class B Notes, Series 2022-4: USD 37,027,000 note amount, 6.77% coupon
-- Credit Card Receivables-Backed Class C Notes, Series 2022-4: USD 16,453,000 note amount, 7.93% coupon
-- Credit Card Receivables-Backed Class B Notes, Series 2023-1: USD 47,813,000 note amount, 6.35% coupon
-- Credit Card Receivables-Backed Class C Notes, Series 2023-1: USD 21,250,000 note amount, 7.66% coupon

The Trust has entered into a cross-currency swap for each Class B and Class C Note under which the Trust will pay a fixed amount in Canadian dollars in exchange for U.S.-dollar payments from the swap counterparty equal to the coupon rate of the respective class of notes.

There were no other changes to the Series 2022-3, Series 2022-4, and Series 2023-1 notes. DBRS Morningstar notes that the proposed note conversions will not result in a downgrade or withdrawal of the existing ratings on the notes.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/416784 (July 4, 2023).

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

The principal methodology applicable to the credit ratings is Rating Canadian Credit Card and Personal Line of Credit Securitizations (October 24, 2023; https://www.dbrsmorningstar.com/research/422341).

Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at: https://www.dbrsmorningstar.com/about/methodologies.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

DBRS Limited
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

Derivatives Criteria for Canadian Structured Finance (June 16, 2023; https://www.dbrsmorningstar.com/research/415974)

Legal Criteria for Canadian Structured Finance (June 20, 2023; https://www.dbrsmorningstar.com/research/416101)

Operational Risk Assessments for Canadian Structured Finance (April 4, 2023; https://www.dbrsmorningstar.com/research/412270)

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/410863.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].