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Fitch Ratings
Fitch: U.S. Credit Card ABS Performance Holds Up Despite Higher Chargeoffs
September 7th, 2008
Overall U.S. credit card ABS performance continues to exhibit resistance to both a weakened consumer and increasing chargeoff rates, as observed in the most recent credit card indices by Fitch Ratings. "While year-over-year chargeoffs have climbed almost 200 basis points and are increasing at a brisk pace, delinquency rates and bankruptcy filings, the leading indicators for near-term future chargeoffs, show signs of deceleration," said Senior Director Cynthia Ullrich. In addition, excess spread remains healthy and is still approximately 50 basis points (bps) above its long term average. "The latest performance numbers support Fitch's view that negative rating actions...
Source: Pharma Investments, Ventures & Law Weekly (2008-09-07)
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