Both Standard & Poors and Fitch have recently unveiled corresponding credit card indexes to monitor what has so far been the steady performance of European credit card securitizations.

"With last week's release of European credit card indexes from S&P and Fitch's announcement to soon follow suite, it appears that European (including the U.K.) credit card ABS has finally reached the critical mass necessary to be considered a benchmark ABS sector," reported Chris Ames at BNP Paribas.

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