JPMorgan is adding $1.35 billion in new credit-card receivables to its revolving Chase Issuance Trust (CHAIT) securitization platform.

Standard & Poor’s on Thursday assigned an expected ‘AAA’ rating on the Class A (2016-5) series of C seven-year notes, the only tranche in the issuance. The notes will carry an interest rate of 1.27% and supported by 14% credit enhancement – a level in line with Chase’s four previous receivables-backed issuances in 2016, according to S&P.

The structure has not changed from the previous Class A (2016-4) notes issued out of the trust, including eligible account, payment priority, collection and allocation mechanics, early redemptions and events of default, stated S&P. In fact, base case loss and stress assumptions (5.5%) by S&P have not altered from any CHAIT transaction since April 2014.

CHAIT has issued more than $6 billion in bonds since May backed by its receivables pool, and all outstanding Class A notes now total approximately $30 billion.

The new notes and other existing Class A notes are all provided 8.14% minimum subordination by previously issued Class B and C notes. The trust is allowed to issue additional Class A tranches as long as the trust maintains a minimum amount of subordinate notes to support them.

Card borrowers in the pool have risen in credit quality over the years, as FICO scores less than 660 have declined. FICO scores above 720 now comprise about 67% of the trust, and those below 660 only 9.8%. Average credit lines and balances have also fallen, but had a small spike in the first quarter of 2016.

Payment rates have remained stable, averaging 25% each year since 2011. As of the second quarter of 2016, users who pay down their balance each month generated 21.16% of the pool’s receivables, in line with payment activity since 2012.

The notes are backed entirely by receivables of cards issued by JPMorgan Chase, and deposited into subsidiary Chase Card Funding LLC.

The new transaction was underwritten by J.P. Morgan Securities, Barclays and RBC Capital Markets.

Moody’s Investors Service did not issue any preliminary ratings, but announced the increased investor share of the collateral pool won’t affect the ratings of any outstanding notes in the CHAIT series.

CHAIT 2016-5 is expected to close on Aug. 11.

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