GE Capital Corporation is issuing a deal worth approximately $619 million of ABS.

The transaction, GE Capital Credit Card Master Note Trust Series 2011-2 Notes, will provide investors with three tranches with an expected principal payment date of May 2016. GE Money Bank will originate the securities, which will be serviced by GE Capital.

According to a Moody’s Investor’s Service pre-sale report, the firm has assigned provisional ratings of 'Aaa(sf)' to the senior class A notes, 'A2(sf)' to the class B notes, and 'Baa2(sf)' to the class C notes of the structure.

The ratings were based on criteria concerning the quality of the underlying asset pool, the expertise of both the originator and servicer, and the structural and legal protections included.

Moody’s also predicts the performance of ABS to be between 7.0%-9.5% for charge-offs, 23%-26% for yield, and 12%-15% for principal payment rate.

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