Fitch Publishes Credit Card Movers & Shakers with July 2009 Performance

NEW YORK — Fitch Ratings has published ‘Credit Card Movers & Shakers’ containing July 2009 performance results. U.S. consumer credit quality showed signs of life as credit card asset-backed securities (ABS) chargeoffs declined 24 basis points (bps) to 10.55%, snapping a string of five consecutive record highs, according to Fitch’s latest Credit Card Index results. The improvement comes as delinquencies stabilized further and other credit card ABS performance variables exhibited similar positive results. Despite the elevated chargeoff level, Fitch expects current ratings of senior tranches to remain stable given available credit enhancement and structural protections afforded investors. The outlook for subordinate tranches remains negative.

‘Credit Card Movers & Shakers’ is available on the Fitch Ratings web site at www.fitchratings.com under the following headers:

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