Moody's Upgrades 19 Classes of Chase Master Trust Credit Card Receivable-Backed Securities
Approximately $1.9 Billion of Asset-Backed Securities Upgraded.
New York, March 16, 2007 -- Moody's Investors Service upgraded the ratings on nineteen classes of
credit card receivables-backed securities issued from the Chase
Master Trust ("Trust") and related owner trusts.
The primary rationale for the upgrades is the incorporation of new aspects
to Moody's approach to rating credit card transactions, which was
published in December 2006. These new aspects ascribe incremental
value for certain portfolio-performance attributes, including
convenience use and the ability to systematically re-price the
credit cards. The performance of the Trust's collateral has
been stable-to-improving over the last several years.
For more details on Moody's updated credit card rating methodology,
please visit www.moodys.com for the report, "Moody's
Approach to Rating Credit Card Receivables-Backed Securities."
The complete rating action is as follows:
Issuer: Chase Master Trust and Related Owner Trusts
$46,040,000 Class B Securities, Series 1998-4,
upgraded to A1 from A2
$105,000,000 Class B Securities, Series 2002-3,
upgraded to A1 from A2
$135,000,000 Class C Securities, Series 2002-3,
upgraded to Baa1 from Baa2
$70,000,000 Class B Securities, Series 2002-5,
upgraded to A1 from A2
$90,000,000 Class C Securities, Series 2002-5,
upgraded to Baa1 from Baa2
$52,500,000 Class B Securities, Series 2002-7,
upgraded to A1 from A2
$67,500,000 Class C Securities, Series 2002-7,
upgraded to Baa1 from Baa2
$93,800,000 Class B Securities, Series 2003-2,
upgraded to A1 from A2
$120,600,000 Class C Securities, Series 2003-2,
upgraded to Baa1 from Baa2
$99,750,000 Class B Securities, Series 2003-3,
upgraded to A1 from A2
$128,250,000 Class C Securities, Series 2003-3,
upgraded to Baa1 from Baa2
$50,750,000 Class B Securities, Series 2003-4,
upgraded to A1 from A2
$65,250,000 Class C Securities, Series 2003-4,
upgraded to Baa1 from Baa2
$70,000,000 Class B Securities, Series 2003-5,
upgraded to A1 from A2
$90,000,000 Class C Securities, Series 2003-5,
upgraded to Baa1 from Baa2
$140,000,000 Class B Securities, Series 2003-6,
upgraded to A1 from A2
$180,000,000 Class C Securities, Series 2003-6,
upgraded to Baa1 from Baa2
$122,500,000 Class B Securities, Series 2004-2,
upgraded to A1 from A2
$157,500,000 Class C Securities, Series 2004-2,
upgraded to Baa1 from Baa2
BACKGROUND
Chase no longer issues securities from the Trust. Instead,
Chase actively issues from its Chase Issuance Trust ("CHAIT"),
which is collateralized, in part, by a $3 billion collateral
certificate, Series 2004-CC, issued from the Trust.
Chase Bank USA, a commercial bank chartered under the laws of the
state of Delaware, is a wholly owned subsidiary of JPMorgan Chase.
Chase's bank deposit rating is Aaa/P-1, and its bank
financial strength rating is B.
New York
Jay Eisbruck
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Jinhua (Rachel) Sun
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653