Fitch Confirms Chase Issuance Trust on Re-opening of Class A 2015-2 Notes

NEW YORK--()--Fitch Ratings has confirmed all outstanding ratings assigned to the Chase Issuance Trust in connection with an additional issuance of $725,000,000 of class A 2015-2 notes. After the additional issuance, the outstanding class A 2015-2 notes will total $2.125 billion. The ratings currently assigned to the Chase Issuance Trust notes are as follows:

--Chase class A notes 'AAAsf'; Outlook Stable;

--Chase class B notes 'Asf'; Outlook Positive;

--Chase class C notes 'BBBsf'; Outlook Positive.

KEY RATING DRIVERS:

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, Chase Bank USA's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.

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 monthly payment rate (MPR), and 3) a combination stress of higher defaults and lower 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 is more pronounced with a moderate stress, of a 75% reduction, leading to possible downgrades across all classes. The harshest scenario assumes that an increase in defaults and reduction in MPR 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 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 and Related Research:

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

--'Global Structured Finance Rating Criteria' (August 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=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981820

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Contacts

Fitch Ratings, Inc.
Primary Analyst
Jenny Ovalle
Associate Director
+1-212-908-0849
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
John Alberici
Associate Director
+1-212-908-0370
or
Committee Chairperson
Steven Stubbs
Senior Director
+1-212-908-0676
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings, Inc.
Primary Analyst
Jenny Ovalle
Associate Director
+1-212-908-0849
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
John Alberici
Associate Director
+1-212-908-0370
or
Committee Chairperson
Steven Stubbs
Senior Director
+1-212-908-0676
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com