Despite a heap of headline risk, Providian Financial Corp.'s outstanding securitizations, from a credit perspective, are well padded in the near-term, and most analysts do not anticipate any type of ABS-related credit event or early amortization.

The company hit the mainstream news when it told shareholders that it anticipates future losses associated with its risky consumer loans, a red flag to ABS investors. Providian reported a slight rise in its net credit loss rate to 10.33% from 10.29% in the second quarter. Delinquencies also rose to 8.66% from 8.04%.

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