New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A3) - S&P Global Ratings’ Credit Research

New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A3)

New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A3) - S&P Global Ratings’ Credit Research
New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A3)
Published May 29, 2018
15 pages (5474 words) — Published May 29, 2018
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings assigned its 'AAA (sf)' rating to Citibank Credit Card Issuance Trust's (CCCIT's) $500 million 3.29% Citiseries class 2018-A3 notes. The rating reflects: Our view that the 15.50% 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 apply to our 6.25% base-case loss rate, 16.50% base-case payment rate, 15.00% base-case yield, and 3.00% 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 2018-A3 notes. We based all of the stress assumptions outlined above on our current criteria and assumptions

  
Brief Excerpt:

...S&P Global Ratings assigned its '### (sf)' rating to Citibank Credit Card Issuance Trust's (CCCIT's) $500 million 3.29% Citiseries class 2018-A3 notes. The rating reflects: + Our view that the 15.50% 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 apply to our 6.25% base-case loss rate, 16.50% base-case payment rate, 15.00% base-case yield, and 3.00% 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 '### (sf)' rating on the class 2018-A3 notes. We based all of the stress assumptions outlined above on our current criteria and assumptions for credit card transactions (see "U.S. Credit Card Securitizations: Methodology And Assumptions," published Aug. 24, 2017). + Our view that the 5.00% minimum seller's interest is sufficient in our stress assumptions to absorb...

  
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Full Report

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Structured Finance
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings 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.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A3)" May 29, 2018. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/New-Issue-Citibank-Credit-Card-Issuance-Trust-Citiseries-Class-2018-A3-2046265>
  
APA:
S&P Global Ratings’ Credit Research. (). New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A3) May 29, 2018. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/New-Issue-Citibank-Credit-Card-Issuance-Trust-Citiseries-Class-2018-A3-2046265>
  
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