Gracechurch Card Programme Funding plc (Series 08-2) - Performance Overview - 2009/10/28 - Moody's Global Credit Research

Report title: Gracechurch Card Programme Funding plc (Series 08-2)

from Moody's Global Credit Research
3 page (1603 word) report published Oct 28, 2009

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...Footnotes - Rating Opinion and General Commentary 1 In monitoring the performance of this trust, Moody's has adjusted the reported charge-off rate to take into account the impact of accounts currently in Barclaycard's debt management programmes which are considered, for the purposes of the securitisation, as performing accounts. Moody's currently considers an increase of between 1.5% to 2% to the reported charge-off rate as being necessary to reflect the true credit performance of the portfolio. 2 The servicing fee percentage that is shown is based on a calculation that Moody's applies to all its trusts. Footnotes - Capital Structure Footnotes - Portfolio and Performance Data Footnotes - Trigger Description Excess Spread - Early Amortisation: Early amortisation occurs when, amongst others, excess spread is less than 0 for three consecutive periods (yield less expense rate). Seller Share - Early Amortisation: Early amortisation occurs when, amongst others, the transferor interest is less...

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Performance Overview

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Gracechurch Card Programme Funding plc (Series 08-2)

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Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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...Footnotes - Rating Opinion and General Commentary 1 In monitoring the performance of this trust, Moody's has adjusted the reported charge-off rate to take into account the impact of accounts currently in Barclaycard's debt management programmes which are considered, for the purposes of the securitisation, as performing accounts. Moody's currently considers an increase of between 1.5% to 2% to the reported charge-off rate as being necessary to reflect the true credit performance of the portfolio. 2 The servicing fee percentage that is shown is based on a calculation that Moody's applies to all its trusts. Footnotes - Capital Structure Footnotes - Portfolio and Performance Data Footnotes - Trigger Description Excess Spread - Early Amortisation: Early amortisation occurs when, amongst others, excess spread is less than 0 for three consecutive periods (yield less expense rate). Seller Share - Early Amortisation: Early amortisation occurs when, amongst others, the transferor interest is less...

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