Fitch Rates GE Capital Credit Card Master Note Trust, 2004-2 'AAA/A/BBB'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- GE Capital Credit Card Master Note Trust's, floating-rate asset backed notes, series 2004-2, are rated by Fitch 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 LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). (1mL) +0.04%, 1mL+0.26%, and 1mL+0.48% per annum Per annum Yearly. , 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 Nov. 15, 2004. The ratings reflect the series certificate's interest in the assets of the master trust, the quality of the receivables, the credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided, the sound legal and cash flow structures, and the servicing capabilities provided by Monogram monogram [Gr.,=single letter], symbol of a name or names, consisting typically of a letter or several letters worked together. A famous monogram is that of Christ, consisting of X (chi) and P (rho), the first two letters of Christ in Greek. Credit Card Bank of Georgia Bank of Georgia (Georgian: საქართველოს ბანკი, transliterated as 'sakartvelos banki') is a leading universal Georgian bank with operations in Georgia (country) and Ukraine. . 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. Class C notes rated 'BBB' 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 Sept. 15, 2010 legal final termination date. They do not address the likelihood of principal repayment by the expected note payment date of Sept. 17, 2007 for class A, B, and C. |
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