Standard&Poor's Ratings Services' 'AAA (sf)' rating on Citibank Credit Card Issuance Trust's (CCCIT's) Citiseries class 2014-A5 notes reflects: Our view that the 18.5% credit support provided by the class B and C notes and the series 2009 credit card participation certificate is sufficient to withstand the simultaneous stresses we applied to our 5.25%-7.25% base-case loss rate, 15.5%-17.5% base-case payment rate, 14%-16% base-case yield, and 2.0%-4.0% purchase rate assumptions. In addition, we used stressed excess spread and note interest rate assumptions to assess whether, in our opinion, the available credit support is sufficient for the notes. All of the stress assumptions outlined above are consistent with and based on our current criteria and assumptions for credit card transactions (see
