OREANDA-NEWS. Fitch Ratings has affirmed the ratings assigned to Golden Credit Card Trust. The Rating Outlook remains Stable. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation is based on continued positive trust performance and robust breakeven multiples inline with expectations. The Stable Outlook indicates that Fitch expects the ratings to remain stable for the next one to two years.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their debt, has improved over the past year. As of the October 2015 distribution date, the 12-month average is 49.08%, up from the previous 12-month average of 48.21%.

Net charge-offs have remained relatively stable in the past year. Currently, the 12-month average is 2.09%, down from the previous year's 12 -month average of 2.13%. As of the October 2015 distribution date, the 12-month average 60+ day delinquencies were 1.11% compared to the 12-month average of 1.18% at this point last year. Fitch expects charge-off levels to remain stable in the near term given the high quality of the credit card portfolio.

The current 12-month average gross yield for Golden Credit Card Trust is 22.61% as of the October 2015 distribution date, compared with a 12-month average of 22.42% as of the October 2014 distribution date.

Fitch runs cash flow breakeven analysis by applying stress scenarios to three-, six-, and 12-month performance averages to evaluate the breakeven loss multiples at different rating levels. The performance variables that Fitch stresses are the gross yield, monthly payment rate, gross charge-off, and purchase rates.

Fitch's analysis included a comparison of observed performance trends over the past few months to Fitch's base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

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 monthly payment rate (MPR); and 3) a combination stress of higher defaults and lower MPR.

The harshest stress scenario of a combined 75% increase to defaults and a 35% reduction of MPR could lead to a two-notch downgrade for class A and B. The rest of the stress scenarios are unlikely to impact the ratings.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

Golden Credit Card Trust Series Enhancement Notes
--Series enhancement notes at 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust Series 2011-1
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2012-1
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2012-2
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2012-4
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2012-6
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2013-1
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2013-2
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2014-1
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2014-2
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable.

Golden Credit Card Trust Series 2015-1
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable;
--Class C asset-backed notes at 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust Series 2015-2
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable;
--Class C asset-backed notes at 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust Series 2015-3
--Class A asset-backed notes at 'AAAsf'; Outlook Stable;
--Class B asset-backed notes at 'Asf'; Outlook Stable;
--Class C asset- backed notes at 'BBB+sf; Outlook Stable.