OREANDA-NEWS. September 21, 2015. Fitch Ratings has issued a presale report for Eagle Credit Card Trust series 2015-1, which Fitch expects to rate as follows:

--TBD Credit Card Receivables-Backed Class A Notes Series
2015-1 'AAAsf'; Outlook Stable;
--TBD Credit Card Receivables-Backed Class B Notes Series
2015-1 'Asf'; Outlook Stable;
--TBD Credit Card Receivables-Backed Class C Notes Series
2015-1 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS
Fitch's ratings are based on the underlying receivables pool, available credit enhancement, President's Choice Bank'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 MPR.

Reducing the purchase rate alone has the least impact on rating migration even in the most severe scenario of a 0% purchase rate. The rating sensitivity to an increase in defaults is more pronounced with a moderate and severe stress of 50% and 75%, respectively, and would lead to a possible downgrade of the senior notes. The harshest scenario assumes both increased defaults and reduced MPR stresses occur simultaneously, and would lead to possible downgrades across all classes.

To date, the transactions have exhibited strong performance, with all performance metrics within Fitch's expectations. For further discussion of our sensitivity analysis, please see the related presale report.

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'.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.

A comparison of the transaction's Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for the asset class is available by accessing the appendix that accompanies the Presale Report. Please refer to 'Eagle Credit Card Trust, Series 2015-1 -- Appendix ', published on Sep. 18, 2015 at www.fitchratings.com.