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Rating Action:

Moody's rates Samsung Card cross-border credit card deal Aa1 (sf)

26 Aug 2010

USD200 million of asset-backed securities rated

Hong Kong, August 26, 2010 -- Moody's Investors Service has assigned a definitive rating of Aa1 (sf) to the Floating Rate Secured Notes issued by Frontier Securitization XVI Limited.

The complete rating action is as follows:

Issuer: Frontier Securitization XVI Limited

....US$200M Floating Rate Secured Notes due 2014, Assigned Aa1 (sf)

RATINGS RATIONALE

The rating is based on the quality of the underlying pool of credit card receivables; the transaction's legal and structural protections, which includes early amortization triggers, credit enhancement and liquidity arrangements; and the swap arrangement.

The rating addresses the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par with respect to the notes by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

Moody's expects performance in the range of 10%-12% for charge-off, 9%-10% for the yield, and 50%-60% for the payment rate.

Moody's performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities were rated. Even so, deviation from the expected range will not necessarily result in a rating action, nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action depends on the assessment of a range of factors including but not limited to performance metrics.

The principal methodologies used in rating Frontier Securitization XVI Limited were Moody's Approach to Rating Credit Card Receivables-Backed Securities published in April 2007, and V Scores and Parameter Sensitivities in the Global Credit Card ABS Sector published in December 2008. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

The V Score for this transaction is Medium, which is in-line with the Medium V Score assigned for the Korean Credit Card ABS sector. This reflects average volatility with regard to the critical assumptions used in the rating process. Moody's V Scores provide a relative assessment of the quality of available credit information and the potential variability around the various inputs to a rating determination. The V Score ranks transactions by the potential for significant rating changes owing to uncertainty around the assumptions due to data quality, historical performance, the level of disclosure, transaction complexity, the modeling and the transaction governance that underlie the ratings. V Scores apply to the entire transaction (rather than individual tranches).

In rating Korean Credit Card ABS, the payment rate, charge-off rate, yield, and other inputs are used to calculate the median expected loss and the credit enhancement under stress to determine a new lognormal loss distribution. Four new lognormal loss distributions were calculated for the rating of the notes by assuming the following expected payment rate/charge-off rate combinations: 50%/11% (base case), 48%/14%, 45%/18%, and 30%/25%, the initial model output for the notes would be Aa1, Aa1, Aa2 and A3 respectively.

Parameter Sensitivities are not intended to measure how the rating of the security might migrate over time, rather they are designed to provide a quantitative calculation of how the initial rating might change if key input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged. Parameter Sensitivities only reflect the ratings impact of each scenario from a quantitative/model-indicated standpoint. Qualitative factors are also taken into consideration in the ratings process, so the actual ratings that would be assigned in each case could vary from the information presented in the Parameter Sensitivity analysis.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction and the due diligence reports had a neutral impact on the rating.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

For a full description of the transaction, a copy of Moody's new issue report can be downloaded from Moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Moody's Investors Service adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from reliable sources; however, Moody's Investors Service does not and cannot in every instance independently verify, audit or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Hong Kong
Helen Y. Lam
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Hong Kong
Jerome Cheng
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's Investors Service Hong Kong Ltd.
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Moody's rates Samsung Card cross-border credit card deal Aa1 (sf)
No Related Data.
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