New Issue: Citibank Credit Card Issuance Trust (Citiseries Class 2018-A7)

S&P Global Ratings assigned its 'AAA (sf)' rating to Citibank Credit Card Issuance Trust's (CCCIT's) fixed-rate Citiseries class 2018-A7 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 view, the available credit support is commensurate with the assigned 'AAA (sf)' rating on the class 2018-A7 notes. We based all of the stress assumptions outlined above on our criteria and assumptions for credit card

...S&P Global Ratings assigned its '### (sf)' rating to Citibank Credit Card Issuance Trust's (CCCIT's) fixed-rate Citiseries class 2018-A7 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 view, the available credit support is commensurate with the assigned '### (sf)' rating on the class 2018-A7 notes. We based all of the stress assumptions outlined above on our 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 dilutions or...

Full Report