Fitch Rates Citibank Credit Card Issuance Trust Citiseries Class 2014-A5 Note

NEW YORK--()--Fitch assigns the following ratings to Citibank Credit Card Issuance Trust Citiseries class 2014-A5 notes:

--$850 million 2.68%, class 2014-A5 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, Citibank, N.A.'s underwriting and servicing capabilities, as well as the transaction's legal structures, which employ early amortization triggers.

RATING SENSITIVITY

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults; 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower monthly payment rate (MPR).

Increasing default rate alone has the least impact on rating migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a reduced purchase rate is more pronounced with a moderate stress, of a 100% decrease, and leads to possible downgrades of the class A. The harshest scenario assumes both default and MPR stresses occur simultaneously. Similarly, the ratings would only be downgraded under the moderate stress of a 50% increase in defaults and 25% reduction in MPR; however, the severe stress could lead to more drastic downgrades to all classes.

To date, the transactions have exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of Fitch's sensitivity analysis, please see the related presale report. For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction please see the related presale appendix.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

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

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (May 30, 2014);

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Citibank Credit Card Issuance Trust, Class 2014-A5 Citiseries Notes' (June 4, 2014);

--Citibank Credit Card Issuance Trust, Class 2014-A5 Citiseries Notes Representations and Warranties' (June 4, 2014).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748920

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Citibank Credit Card Issuance Trust, Class 2014-A5 Citiseries Notes (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749907

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=833943

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Contacts

Fitch Ratings
Primary Analyst
Herman C. Poon, +1 212-908-0847
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Jenny Ovalle, +1 212-908-0849
Associate Director
or
Committee Chairperson
Michael Dean, +1 212-908-0556
Managing Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Herman C. Poon, +1 212-908-0847
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Jenny Ovalle, +1 212-908-0849
Associate Director
or
Committee Chairperson
Michael Dean, +1 212-908-0556
Managing Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com