Credit Card ABS Global Rating Methodology.To access ratings and relevant documents, click here. Operative agreements and legal opinions will be reviewed prior to closing.Ĭlick here to view the report. KBRA considered its operational reviews of CFC, as well as periodic update calls with CFC. KBRA applied its Global Credit Card ABS Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. CFC is owned directly or indirectly by its founders. CFC has provided these services since March 2006, however, the CFC achieved meaningful scale starting in 2016. These services include marketing, underwriting and servicing credit card accounts. The reserve account is initially 0% and the target is 1.00% of the current aggregate receivables amount.ĬFC is a privately held consumer finance company established in 2005 that provides services to support their general-purpose credit cards program under the Mastercard brand. Credit enhancement is comprised of overcollateralization, subordination of junior note classes, the reserve account (if funded after closing), and excess spread. The transaction has initial credit enhancement levels ranging from 44.50% for the Class A notes to 10.00% for the Class D notes. CFCCMT Series 2022-A will include a three-year revolving period where no principal payments will be made on the notes unless an Early Amortization Event occurs. The Notes are collateralized and repaid by a portfolio of revolving general-purpose credit card accounts. NEW YORK-( BUSINESS WIRE)-KBRA assigns preliminary ratings to four classes of notes issued by Continental Finance Credit Card ABS Master Trust, Series 2022-A (“CFCCMT Series 2022-A”), a credit card asset-backed securitization.ĬFCCMT Series 2022-A, represents Continental Finance Company’s (“CFC”) sixth term ABS and fifth master trust issuance.
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