Fitch Ratings continues to predict a negative outlook for the U.K. credit card ABS sector. Recent performance trends support this, as they demonstrate a general decline across the sector.

The agency has downgraded the class C notes of both the CARDS and CARDS II trusts to ‘BB’ from ‘BBB-’, while maintaining its Negative Outlook on these transactions. The class B and class A notes were affirmed at ‘A+’ and ‘AAA’ respectively.

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