Fitch Assigns 'AAAsf' score to Q Card agree with Refinance Notes

SYDNEY, August 15 (Fitch) Fitch rankings has assigned rankings to Q Card consider's magnificence a chain 2016-1 floating-rate notes issued to refinance maturing magnificence a series 2014-1 notes of the same amount. The rankings are as follows: - NZD89.5m elegance A1a notes: 'AAAsf'; Outlook solid The issuance consists of notes backed by credit card receivables originated by way of customer Finance constrained, a subsidiary of Fisher & Paykel Finance restrained. The notes are issued by the brand new Zealand parent accept as true with corporation restrained in its potential as trustee of the Q Card agree with. Fitch confirms ratings of all current rated-notes for Q Card trust following the above issuance. The transaction has a collateral pool of NZD377m of customer receivables, comprising 208,000 energetic customers with an average stability extraordinary of about NZD1,800. KEY score DRIVERS Q Card trust has a strong performance with the key score drivers of yield, month-to-month charge quotes, price-offs and arrears inside Fitch's consistent-country assumptions. score SENSITIVITIES Fitch has modelled 3 scenarios to evaluate the score's sensitivity of the notes: 1) increased fee-offs; 2) decreased yield; and 3) decreased month-to-month payment price in comparison with Q Card believe's expected overall performance. The scores are touchy to an increase in defaults and a reduction in month-to-month price quotes, with much less sensitivity to decrease yield. USE OF third-celebration DUE DILIGENCE PURSUANT TO SEC RULE 17G-10 shape ABS Due Diligence-15E become now not furnished to, or reviewed with the aid of, Fitch with regards to this rating motion. 

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS an outline of the transaction's representations, warranties and enforcement mechanisms (RW&Es) disclosed in the imparting file that relate to the underlying asset pool is available by having access to the appendix referenced under "related research" beneath. The appendix additionally consists of a assessment of these RW&Es to the ones Fitch considers traditional for the asset elegance as particular in <a href="https://www.fitchratings.com/site/re/863817">Representatio ns, Warranties and Enforcement Mechanisms in global structured Finance Transactions (applicable to Transactions Rated from Sept.26, 2011 till June 15, 2015), dated 26 March 2015. 

facts ADEQUACY Fitch conducted a overview of 10 pattern mortgage documents, focusing on the underwriting techniques performed by using Fisher & Paykel Finance limited compared with its credit score coverage on the time of underwriting. Fitch checked the consistency and plausibility of the statistics and no material discrepancies have been mentioned that could have an effect on Fitch's rating analysis. initial key score drivers and rating sensitivities are defined in the new trouble report, <a href="https://www.fitchratings.com/site/re/757688 ">Q Card trust, dated 12 August 2014. blanketed as an appendix to the file are an outline of the representations, warranties and enforcement mechanisms. Contacts: number one Analyst David Carroll Director +sixty one 2 8256 0.33 Fitch Australia Pty Ltd stage 15, seventy seven King street, Sydney NSW 2000 Secondary Analyst Spencer Wilson associate Director +61 2 8256 0320 Committee Chairperson Natasha Vojvodic Senior Director, +sixty one 2 8256 0350 Media family members: Leslie Tan, Singapore, Tel: +sixty five sixty seven 96 7234, e mail: leslie.tan@fitchratings.com. extra facts is available at www.fitchratings.com The supply of information used to assess these scores changed into Fisher & Paykel Finance restrained. The issuer has knowledgeable Fitch that not all relevant underlying statistics used within the evaluation of the rated notes is public. relevant criteria Counterparty criteria for based Finance and covered Bonds (pub. 18 Jul 2016) here Counterparty standards for dependent Finance and covered Bonds: derivative Addendum (pub. 18 Jul 2016) here worldwide credit Card ABS rating standards (pub. 21 Jul 2016) right here worldwide based Finance rating standards (pub. 27 Jun 2016) right here associated research Q Card trust - Appendix right here additional Disclosures Dodd-Frank score information Disclosure form right here _id=1010412 Solicitation popularity right here Endorsement policy right here ail=31 ALL FITCH credit ratings ARE issue TO certain limitations AND DISCLAIMERS. PLEASE read these boundaries AND DISCLAIMERS with the aid of FOLLOWING THIS link: right here. in addition, rating DEFINITIONS AND THE terms OF USE OF SUCH scores ARE to be had on the enterprise'S unfastened web website online AT WWW.FITCHRATINGS.COM. published rankings, standards, AND METHODOLOGIES ARE to be had FROM THIS website online always. FITCH'S CODE OF conduct, CONFIDENTIALITY, CONFLICTS OF hobby, affiliate FIREWALL, COMPLIANCE, AND other relevant rules AND approaches also are available FROM THE CODE OF conduct segment OF THIS site. FITCH can also HAVE provided another PERMISSIBLE service TO THE RATED ENTITY OR ITS related third parties. information OF THIS service FOR scores FOR WHICH THE LEAD ANALYST IS based totally IN an eu-REGISTERED ENTITY can be found on the ENTITY precis page FOR THIS company at the FITCH website. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit scores to wholesale customers handiest. credit rankings records posted through Fitch is not intended to be utilized by persons who're retail clients inside the meaning of the companies Act 2001.