OREANDA-NEWS. Fitch Ratings has confirmed all outstanding ratings assigned to the Canadian Credit Card Trust II Series 2015-1 notes in connection with an additional issuance of $500 million to the Class A, $15,915,120 to the Class B, and $14,588,860 to the Class C 2015-1 notes 'Additional Issuance'. After the Additional Issuance, the outstanding Class A 2015-1 notes will total $875 million for the Class A notes, $27,851,460 for the Class B notes, and $25,530,505 for the Class C notes. The ratings currently assigned to the Canadian Credit Card Trust II Series 2015-1 are as follows:

--CCCT II 2015-1 Class A notes 'AAAsf'; Outlook Stable;
--CCCT II 2015-1 Class B notes 'Asf'; Outlook Stable;
--CCCT II 2015-1 Class C notes 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, National Bank of Canada's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early amortization triggers.

RATING SENSITIVITIES

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults; 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower monthly payment rate (MPR).

The harshest stress scenario of a combined 75% increase to defaults and a 35% reduction of MPR could lead to the most drastic downgrades to all classes. Under a moderate stress of a 50% increase in defaults and 25% reduction in MPR, rating migration could be less impacted. However, increasing defaults by 75% and reducing purchase rate by 100% alone in comparison will have the least impact on rating migration.

For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction please see the related presale appendix.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at webmaster@fitchratings.com'.