It seems that issuers are being punished for being more forthcoming with portfolio composition information and for working more closely to quell investor concerns. The most recent example is Sears Roebuck Acceptance Corp., which was back in the headlines again last week, following a specific breakdown of its two portfolios and the announcement that it would voluntarily increase credit enhancement on its securitizations on a retroactive basis.

Researchers at Lehman Brothers issued a report titled "Sears MasterCard: All That Glitters is Not Gold," stating that while portfolio yield (15.3% for MasterCard, 19.8% for Sears Card) and chargeoffs (3.6% for MasterCard, 6.5% for Sears Card) are currently healthy, "performance numbers are masked by the rapid growth rate of the portfolio."

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