Fitch Rates GE Capital Credit Card Master Note Trust, Series 2005-12 April 2005
GE Capital Credit Card Master Note Trust's floating-rate asset-backed notes series 2005-1 are rated by Fitch Ratings as follows:
-- $790.0 million class A 'AAA';
-- $110.0 million class B 'A';
-- $52.5 million class C 'BBB'.
Class A, B, and C noteholders will receive monthly interest payments of one-month LIBOR (1mL) plus 0.04%, 1mL plus 0.17%, and 1mL plus 0.34% per annum, respectively. All classes of noteholders will receive monthly interest payments paid on the 15th business day of each month or the next business day, commencing May 16, 2005.
The ratings reflect the series certificate's interest in the assets of the master trust, the quality of the receivables, the credit enhancement provided, the sound legal and cash flow structures, and the servicing capabilities provided by GE Money Bank.
Credit enhancement for the 'AAA' rated class A notes is provided through subordination of class B, class C, and the excess collateral amount, totaling 21.0%. The 'A' rated class B notes draw on the 10.0% subordination of class C and the excess collateral amount. 'BBB' rated class C notes receive credit enhancement from 4.75% of excess collateral, plus the spread account.
The ratings address the likelihood of investors receiving full and timely interest payments in accordance with the terms of the underlying documents and full repayment of principal by the March 15, 2013 legal final termination date. They do not address the likelihood of principal repayment by the expected note payment date of March 15, 2010 for class A, B, and C.
Contacts
Fitch Ratings, New York
Cynthia Ullrich, 212-908-0609
Catherine Kim, 212-908-0213
Mike Dean, 212-908-0556
Sandro Scenga, 212-908-0278 (Media Relations)
Source: Business Wire
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