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UK credit cards proved the focus of attention in the European securitisation market this week as rating agencies raised concerns over two trusts.
Rising unemployment and the Bank of England's rate rise have added to worries over deteriorating portfolios. Despite these doubts, the agencies have not yet downgraded any UK credit card securitisations.
Moody's this week clarified the rating action it took on August 2, putting the 'C' notes of all of Egg Banking's credit card securitisations on review for possible downgrade from Baa2.
Egg changes policy
The agency revealed that the cause of the action on five series issued from the Pillar Funding master trust was Egg's decision to move some customers...