In­victa Fund­ing out­look sta­ble

The Pak Banker - - Front Page -


Global rat­ing agency Fitch has as­signed In­victa Fund­ing Lim­ited's vari­able fund­ing notes backed by UK non-prime credit card re­ceiv­ables a fi­nal rat­ing, as fol­lows:

GBP400.0m class A notes, due Novem­ber 2019: ' Asf'; Out­look Sta­ble.

The avail­able data in re­la­tion to the legacy pools was some­what lim­ited and the fu­ture per­for­mance is de­pen­dent on in­creas­ing orig­i­na­tion plans for the ac­quir­ing pool by the orig­i­na­tor.

In ad­di­tion, the his­tor­i­cal as­set per­for­mance is not in line with prime card per­for­mance typ­i­cally ob­served with UK credit card trusts.

In Fitch's view, th­ese is­sues are mit­i­gated by the avail­able credit en­hance­ment and the ser­vic­ing ar­range­ments, which are suf­fi­cient to sup­port a 'Asf' rat­ing.

Due to the re­volv­ing na­ture of the un­der­ly­ing as­sets, per­for­mance will be in­flu­enced by the on­go­ing mon­i­tor­ing, risk man­age­ment and repric­ing ac­tions of the ser­vicer and orig­i­na­tor.

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