River Funding No. 5 Class 1-FR And 1-VF Notes Assigned Preliminary #AAA (sf)# Rating

Stocks and Financial Services Press Releases Tuesday June 12, 2018 16:09
HONG KONG--12 Jun--S&P Global Ratings

HONG KONG (S&P Global Ratings) June 12, 2018--S&P Global Ratings today assigned its preliminary 'AAA (sf)' rating to the class 1-FR and 1-VF notes to be issued by River Funding No. 5. (see list). The notes are backed by a revolving pool of credit card receivables that are originated by PrimeCredit Ltd. (PCL).

The preliminary rating reflects:
  • The credit risk associated with the underlying collateral portfolio and the credit support available, which is commensurate with our view of credit risk under a 'AAA' rating stress. Excess spread, to the extent available, can be used to reimburse receivables charge-off in accordance with the transaction documents.
  • The ability of the transaction's cash flows to meet timely payment of interest and ultimate payment of principal to the rated noteholders under the rating stresses is commensurate with the preliminary rating assigned. The timely payment of senior expenses and rated note coupon is mainly supported by the use of interest and principal collections from the underlying credit card receivables. In addition, if a rapid amortization event occurs, excess spread, to the extent available in accordance with the transaction documents, can be used to turbo pay the class 1 notes.
  • The counterparty exposure to the bank account provider. The rating on the bank account provider, coupled with the replacement arrangement of the bank account provider if the rating falls below a certain level, is consistent with our "Counterparty Risk Framework Methodology And Assumptions," counterparty criteria, published June 25, 2013 on RatingsDirect.
  • The legal structure of the special purpose company, which is incorporated in the Cayman Islands, reflects our criteria for issuer insolvency remoteness.
RATINGS LIST
PRELIMINARY RATINGS ASSIGNED
Class Preliminary Rating Amount (commitment; mil. Hong Kong dollar)
1-FR AAA (sf) 700
1-VF AAA (sf) 200
2 NR 135
3 NR 140
S NR 210
NR--Not rated.

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