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S&P Credit Research3094 word report
published May 05, 2008
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S&P Credit Research
| Abstract: | Charge-offs continued to mount in March 2008 among the trusts in Standard&Poor's Ratings Services' U.S. bankcard Credit Card Quality Index (CCQI), as they have for the past year. But in spite of the 50-basis-point (bp) increase over February, charge-offs still remained well below the average high of 7.1% reported between 2002 and 2003. In addition, robust excess spread, which provides the first level of protection against defaults, and a high payment rate both contributed to solid trust performance in March. We observed the following key patterns during March 2008: Charge-offs continued to rise, increasing 50 bps to 5.7% from February; Delinquencies in the 30- and 60-plus-day categories were unchanged at 4.5% and 3.2%, respectively, while 90-plus-day delinquencies were
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| Brief Excerpt: | RESEARCH Ratings Definitions U.S. Credit Card Quality Index: Charge-Offs Kept Rising In March, But Overall Trust Performance Was Strong Publication date: 05-May-2008 Primary Credit Analyst: Kelly Luo, New York (1) 212-438-2535; kelly_luo@standardandpoor...
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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.
