Synchrony Financial has mapped out a public offering of $547.9 million in notes backed by credit card receivables, in the latest of 23 series it has outstanding through the Synchrony Credit Card Master Trust.

The Series 2016-1 offering comprises four classes of notes, topped by a $500 million, five-year Class A tranche that has a 27% credit enhancement and has been granted an expected ‘AAA’ rating by Fitch Ratings and a provisional 'AAA' rating from Moody's Investors Service. The $47.9 million Class B stack has a preliminary Fitch ‘AA’ rating and Moody's 'Aa2' rating, as well as a 20% CE.

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