Lloyds TSB and Bank of Scotland are marketing a GBP615 Million ($1bn) credit card securitization deal dubbed Penarth Master Issuer Plc (2011-1 A1 and A2).
The transaction securitizes credit-card receivables from the Penarth receivables trust. The assets comprise receivables arising under designated MasterCard, Visa and American Express revolving credit-card accounts that Bank of Scotland plc and Lloyds TSB Bank plc have originated in the U.K. under Halifax, Bank of Scotland and Lloyds brands.
Moody's Investors Service has assigned the series 2011-1 A1 and A2 notes a provisional rating of 'Aaa'. The notes will represent the seventh issuance under Penarth Master Issuer Plc's medium-term note program.