Fitch Rates Canadian Credit Card Trust, Series 2010-1, 2012-1 and 2013-1

NEW YORK--()--Fitch Ratings assigns the following ratings to all outstanding series of Canadian Credit Card Trust:

Canadian Credit Card Trust, Series 2010-1

--$550,000,000 class A credit card receivables-backed notes 'AAAsf'; Outlook Stable;

--$20,534,000 class B credit card receivables-backed notes 'Asf'; Outlook Stable;

--$16,134,000 class C credit card receivables-backed notes 'BBBsf'; Outlook Stable.

Canadian Credit Card Trust, Series 2012-1

--$330,000,000 class A credit card receivables-backed notes 'AAAsf'; Outlook Stable;

--$12,320,000 class B credit card receivables-backed notes 'Asf'; Outlook Stable;

--$9,680,000 class C credit card receivables-backed notes 'BBBsf'; Outlook Stable.

Canadian Credit Card Trust, Series 2013-1

--$400,000,000 class A credit card receivables-backed notes 'AAAsf'; Outlook Stable;

--$14,933,334 class B credit card receivables-backed notes 'Asf'; Outlook Stable;

--$11,733,334 class C credit card receivables-backed notes 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS:

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, National Bank of Canada's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early amortization 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 purchase rate, and 3) a combination stress of higher defaults and lower monthly payment rate (MPR).

The harshest stress scenario of a combined 75% increase to defaults and a 35% reduction of MPR could lead to the most drastic downgrades to all classes. Under a moderate stress of a 50% increase in defaults and 25% reduction in MPR, rating migration could be less impacted. However, increasing defaults by 75% and reducing purchase rate by 100% alone in comparison will have the least impact on rating migration.

For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction, please see the related appendices.

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);

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (October 2014).

Applicable Criteria and Related Research: Canadian Credit Card Trust, Series 2010-1, 2012-1 and 2013-1 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864393

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=864268

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863817

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982549

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Herman Poon, +1-212-908-0847
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
John Alberici, +1-212-908-0537
Associate Director
or
Committee Chairperson
Steven Stubbs, +1-212-908-0676
Senior Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Herman Poon, +1-212-908-0847
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
John Alberici, +1-212-908-0537
Associate Director
or
Committee Chairperson
Steven Stubbs, +1-212-908-0676
Senior Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com