S&P Global Ratings assigned its 'AAA (sf)' rating to Citibank Credit Card Issuance Trust's (CCCIT's) Citiseries class 2016-A3 notes, which 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 are sufficient to withstand the simultaneous stresses we applied to our 6.25% base-case loss rate, 16.50%% base-case payment rate, 15% base-case yield, and 3.00%-to-flat purchase rate assumptions. In addition, we used stressed excess spread to assess whether, in our opinion, the available credit support is commensurate with the assigned 'AAA (sf)' rating on the class 2016-A3 notes. All of the stress assumptions outlined above are consistent with and based on our current criteria and assumptions for
