Fitch Publishes Credit Card Movers & Shakers With August 2009 Performance

NEW YORK — Fitch Ratings has published ‘Credit Card Movers & Shakers’ containing August 2009 performance. U.S. consumer credit quality measures worsened further last month as U.S. credit card chargeoff rates resumed their climb with a fifth record high in the last six months, according to the latest Credit Card Index results from Fitch. The increase in chargeoffs was widespread across the industry and reversed the one-month respite in the prior period.

Index results show late stage delinquencies improving for the third consecutive month and higher portfolio yields helping to offset the chargeoff deterioration and maintain excess spread levels.

Despite the chargeoff results, Fitch continues to expect current ratings of senior tranches to remain stable given available credit enhancement and structural protections afforded investors.

The Rating Outlook for most subordinate tranches remains Negative.

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

Structured Finance then ABS then Newsletters

Additional information is available at ‘www.fitchratings.com‘.