Following the latest negative performance statistics released recently by The Metris Companies, non-ABS analysts do not have a positive view of the credit card issuer going forward. In addition to concerns over the future of it speculative-grade unsecured debt, with Metris on negative watch from both Fitch Ratings and Standard & Poor's, Equity analysts have lowered earnings estimates for the second quarter.

Kathy Shanley, analyst for independent research publication Gimme Credit, aimed at institutional investors of unsecured debt, sees reason for concern in Metris' rising delinquencies and the diminishing excess spread of its master trust.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.