Following a less-than-stellar 2005, U.K. credit card securitization issuance looks poised for even weaker growth in 2006, as higher delinquencies and charge-offs mar the credit picture.

Analysts at Fitch Ratings last week published a report highlighting some of the key drivers of this weak credit environment, including those that shaped issuance volumes in 2005. Janet Oram, an associate director at Fitch, said that 1Q06 performance showed that delinquencies continued to rise and increased at the highest rate since March 2005. Over 2005, delinquency growth had been slowing.

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