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S&P Credit Research3719 word report
published Oct 07, 2008
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$500.00 available for immediate download
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S&P Credit Research
| Abstract: | Rated credit card trust performance continues to deteriorate, as reflected in recent charge-off and delinquency trends. As measured by Standard&Poor's Ratings Services' U.S. bankcard Credit Card Quality Index (CCQI), charge-offs rose 40 basis points (bps) in August 2008, while the total payment rate declined 60 bps. As of August 2008, charge-offs had increased about 51% on a year-over-year basis, and total delinquencies were up about 19%. During the same period, the total payment rate dropped 10.4%. On a positive note, excess spread, which provides the first level of protection against defaults, remained healthy at 6.4% despite a 40-bp drop during the month. We observed the following key patterns during August 2008: Charge-offs increased 40 bps from July to
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| Brief Excerpt: | RESEARCH Ratings Definitions U.S. Credit Card Quality Index: Charge-Offs Continued To Increase In August, As We Anticipated Publication date: 07-Oct-2008 Primary Credit Analysts: Kelly Luo, New York (1) 212-438-2535; kelly_luo@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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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.
