A new $750 million securitization of credit card receivables from the Penarth receivables trust was announced this week.

The deal is backed by credit card receivables from MasterCard, Visa and American Express revolving credit-card accounts that Bank of Scotland and Lloyds TSB Bank have originated (or acquired) in the U.K. under Halifax, Bank of Scotland and Lloyds brands.

This is the ninth issuance under the Penarth Master Issuer's note program. Moody's Investors Service assigned provisional ratings of 'Aaa' to  the notes issued under the structure.


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