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S&P Credit Research731 word report
published May 18, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) May 18, 2009--The performance of U.S. credit card receivables continued to worsen in the first quarter of 2009, and the deterioration is more severe than Standard&Poor's Ratings Services has seen in its Credit Card Quality Index (CCQI) since 1992. For example, peak credit card losses reached 7.3% in the 2001-2002 recession, according to the CCQI, compared with the March 2009 8.8% loss rate, which is the highest since Standard&Poor's started tracking bankcard receivables performance in 1992. The deteriorating economic environment has led Standard&Poor's to review the whole credit card sector, including the portfolios of receivables backing all outstanding U.S. credit card asset-backed securities (ABS) that it rates. A new
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| Brief Excerpt: | RESEARCH Ratings Definitions For U.S. ABS Credit Card Issuers, CreditWatch Negative Actions Exceeded Affirmations In First-Quarter 2009, Report Notes Publication date: 18-May-2009 Primary Credit Analysts: James Traynor, New York (1)...
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| Report Type: | News
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| Sector: | Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
