Invicta Funding outlook stable
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.