Fitch to Rate BA Credit Card Trust, Class A (2014-3); Presale Issued

NEW YORK--()--Fitch Ratings has issued a presale for BA Credit Card Trust, class A (2014-3), which Fitch expects to rate as follows:

--$750,000,000 class A (2014-3) 'AAAsf'; Outlook Stable.

Key Rating Drivers:

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, FIA Card Services, N.A.'s underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.

The transaction structure is the same as Class A (2014-1), with credit enhancement totaling 31.75% for class A.

Rating Sensitivities:

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 defaults alone has no impact on rating migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a reduction in purchase rate also does not result in rating migration even in the most severe scenario of a 100% reduction in purchase rate. The harshest scenario assumes both stresses to defaults and MPR to occur simultaneously. The ratings would only be downgraded under the severe stress of a 75% increase in defaults and 35% reduction in MPR.

To date, the transactions have exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of our 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 available at 'www.fitchratings.com':

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

--'Global Structured Finance Rating Criteria' (May 2014).

Applicable Criteria and Related Research: BA Credit Card Trust, Class A (2014-3) BAseries Notes (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=770248

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Global Credit Card ABS Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=867114

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Contacts

Fitch Ratings
Primary Analyst
Jenny Ovalle, +1 212-908-0849
Associate Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Herman Poon, +1 212-908-0847
Director
or
Committee Chairperson
Steven Stubbs, +1 212-908-0676
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Jenny Ovalle, +1 212-908-0849
Associate Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Herman Poon, +1 212-908-0847
Director
or
Committee Chairperson
Steven Stubbs, +1 212-908-0676
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com