OREANDA-NEWS. Fitch Ratings says Q Card Trust notes' ratings will not be affected by the tap issuance of the existing revolving series of the Class A, B, C, D, E, F and S notes to a total of NZD50m.

After the increase, credit enhancement for the notes will remain unchanged. Additionally, the total amounts of all series are still below the maximum limits established in the programme.

The increase in revolving series amounts are effective today with aggregate totals as follows:

Series A 2014-1: NZD31.5m, resulting in an aggregate total of NZD89.5m
Series B 2014-1: NZD5.0m, resulting in an aggregate total of NZD32.5m
Series C 2014-1: NZD3.5m, resulting in an aggregate total of NZD22.8m
Series D 2014-1: NZD2.5m, resulting in an aggregate total of NZD16.3m
Series E 2014-1: NZD2.75m, resulting in an aggregate total of NZD18.0m
Series F 2014-1: NZD1.0m, resulting in an aggregate total of NZD6.3m
Series S 2014-1: NZD3.75m, resulting in an aggregate total of NZD32.0m

No additional series A 2014-2, A 2014-3 or VFN notes have been issued and their outstanding balances remain as follow:

VFN: NZD10.0m
Series A 2014-2: NZD58m
Series A 2014-3: NZD58m

The notes have been issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of the Q Card Trust. The transaction is a revolving, asset backed note programme that features a multi class structure that will purchase eligible receivables from the seller on a revolving basis.