...This report shows Fitch Ratings' break-even stress scenarios for the largest credit card issuers. The break-even stress scenarios are based on the three-month and 12-month average performances for each trust, using the current one-month LIBOR for the LIBOR assumption. Tear sheets published before Sept. 1, 2009 used a LIBOR assumption of 5% based on the long-term average one- month LIBOR. The break-even stresses shown in the bar charts below were derived using Fitch's steady state stress scenario shown in the table at the top of page 2. These results may differ from multiples in previous U.S. credit card ABS issuance trust updates, which used issuer-specific stresses for each trust. This will allow investors to compare trust performance using the same baseline....
