Moody's Investors Service said in a report last week that despite concerns about subprime mortgage deterioration spilling over, the credit card sector's performance is still within the rating agency's expectations. In fact, Moody's expects no near term impact on ratings for credit card issuers and ABS.

The rating agency also noted that increasing delinquencies and defaults in subprime mortgages, particularly in 2006 originations, have drawn considerable attention lately.

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