Analysts at Standard & Poor's say they expect to see more from the credit card sector during the second half of 2006. However, the continued deterioration within existing card deals is starting to exert pressure on ratings. Lackluster new issuance in the beginning of the year also has several market participants doubting whether the sector can recover in 2006.

"The pipeline looks healthy," said Andrea Quirk, an analyst at S&P "We've already seen new issuers in the market and in the second half of the year we are expecting more de-linked structures being used." In other corners, the prognosis is not as optimistic.

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