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DBRS Confirms Ratings of Golden Credit Card Trust.

ENPNewswire-August 20, 2019--DBRS Confirms Ratings of Golden Credit Card Trust

(C)2019 ENPublishing - http://www.enpublishing.co.uk

Release date- 19082019 - DBRS Limited (DBRS) confirmed the ratings of all the outstanding notes (the Notes) issued by Golden Credit Card Trust (the Trust).

The confirmation is part of DBRS's continued effort to provide timely credit rating opinions and increased transparency to market participants.

Credit Card Receivables-Backed Class A Notes, Series 2015-2 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2015-2 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2015-2 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2016-3 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2016-3 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2016-3 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2016-4 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2016-4 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2016-4 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Notes, Series 2016-5 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2016-5 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2016-5 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Notes, Series 2017-2 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2017-2 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2017-2 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2017-4 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2017-4 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2017-4 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Notes, Series 2018-1 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2018-1 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2018-1 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2018-3 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2018-3 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2018-3 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Notes, Series 2018-4 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2018-4 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2018-4 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Notes, Series 2018-5 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2018-5 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2018-5 at BBB (high) (sf)

Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2019-1 at AAA (sf)

Credit Card Receivables-Backed Class B Notes, Series 2019-1 at A (high) (sf)

Credit Card Receivables-Backed Class C Notes, Series 2019-1 at BBB (high) (sf)

The rating confirmations are based on the following factors as of July 2019:

(1) The Notes benefit from excess spread, which has been in the range of 15.9% and 20.1% over the last 12 months, and series-specific cash accounts, which could build up to 5.0% of the Initial Invested Amount. For the AAA (sf)-rated and A (high) (sf)-rated notes, credit enhancement is also available through subordination of 6.5% and 2.0%, respectively.

(2) The principal payment rate remains among one of the highest in Canada and as of July 2019, it has averaged 48.7% over the last 12 months and stood at 53.7% as of July 2019.

(3) The one-month loss rate also remains low. While the rate peaked at 4.2% in March 2010, it has since been steadily decreasing and stood at 2.6% as at the end of July 31, 2019. In addition, after the inclusion of interchange in October 2009, gross yield has averaged approximately 23.0% over the last 12 months.

(4) The custodial pool is a well-diversified and seasoned portfolio composed of certain credit card accounts originated, managed and designated by Royal Bank of Canada (RBC). RBC is one of the largest financial institutions in Canada by market capitalization and is rated AA (high)/R-1 (high) with Stable trends by DBRS as of June 2019.

The performance and characteristics of the Trust pool and the Notes are available and updated each month in the Monthly Canadian ABS Report available at www.dbrs.com. DBRS conducts monthly stress testing of each rated class of the Notes and the results indicate that simultaneous declines in yield and payment rates and increases in losses would not result in a failure of the Trust to repay the Notes on a timely basis. The severity of the tests applied is commensurate with the respective ratings of the Notes.

Notes:

All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Master Canadian Structured Finance Surveillance Methodology (June 2019), which can be found on dbrs.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

DBRS Limited

DBRS Tower, 181 University Avenue, Suite 700

Toronto, ON M5H 3M7 Canada

Ratings

Date Issued Debt Rated Action Rating Trend Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

19-Aug-19 Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2016-3 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2016-4 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2017-4 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2018-3 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Floating Rate Notes, Series 2019-1 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Notes, Series 2015-2 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Notes, Series 2016-5 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Notes, Series 2017-2 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Notes, Series 2018-1 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Notes, Series 2018-4 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class A Notes, Series 2018-5 Confirmed AAA (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2015-2 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2016-3 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2016-4 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2016-5 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2017-2 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2017-4 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2018-1 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2018-3 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2018-4 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2018-5 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class B Notes, Series 2019-1 Confirmed A (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2015-2 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2016-3 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2016-4 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2016-5 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2017-2 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2017-4 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2018-1 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2018-3 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2018-4 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2018-5 Confirmed BBB (high) (sf) -- CA

19-Aug-19 Credit Card Receivables-Backed Class C Notes, Series 2019-1 Confirmed BBB (high) (sf) -- CA

[Editorial queries for this story should be sent to newswire@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
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