Barclays plans to issued three series of notes backed by credit card receivables from its Gracechurch Card Program.
Moody’s Investors Service and Standard & Poor’s have assigned preliminary rating to the notes. According to Moody’s, £4.2 billion of securities issued over three series of notes.
The series 2013-1, 2013-2 and 2013-3 notes have been rated Aaa’/’AAA’. No ratings gave been assigned to the three issuances of subordinated class D Notes issued with respect to Series 2013-1, Series 2013-2 and Series 2013-3. The class D notes provide credit enhancement for each of the corresponding series class A notes.
Series 2013-1, Series 2013-2 and Series 2013-3 are the 13th 14th and 15th issuances of Gracechurch Card Program. The assets backing the notes are receivables arising under designated MasterCard and Visa revolving credit card accounts originated or acquired in the UK by Barclaycard, a business unit of Barclays Bank PLC.