Fitch Rates Synchrony Sales Finance Master Trust, Series 2015-B
OREANDA-NEWS. Fitch Ratings assigns the following ratings to Synchrony Sales Finance Master Trust's asset-backed notes, series 2015-B:
--$631,578,947 class A 'AAAsf'; Outlook Stable;
--$118,421,053 class B 'A+sf'; Outlook Stable.
KEY RATING DRIVERS
Fitch's ratings are based on the underlying receivables pool, available credit enhancement, Synchrony Bank's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption 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 affected. However, in comparison, increasing defaults by 75% and reducing purchase rate by 100% alone will have the least impact on rating migration.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
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