Moody's Investors Service has assigned a ‘Aaa’ rating to both the floating and fixed rate tranches of Barclays’ Capital first SEC registered, reg AB compliant, U.S. credit card receivable platform called Dryrock Issuance Trust.
Moody’s said in a presale report that it has assigned the preliminary ratings to the senior class A fixed rate notes issued by the Dryrock Issuance Trust Series 2012-2 transaction; as well as the class A floating rate notes issued by Dryrock Issuance Trust, Series 2012-1.
The assets of the trust consist of receivables from designated co-branded and non-co-branded credit card accounts originated and serviced by Barclays Bank Delaware (BBD).
Barclays' Dryrock credit card trust will complement the bank's existing 144A compliant, U.K. securitization program, Gracechurch Cards. The trust will only issue triple-A rated notes, backed by U.S. domiciled credit card receivables. The initial deal, according to the prospectus was also expected to be rated by Standard & Poor's.