Note Trust on Watch Positive
Fitch Ratings has placed 14 classes of notes issued out of the Washington Mutual Master Note Trust totaling $6.8 billion on Rating Watch Positive. These notes are now entirely backed by credit card receivables originated by Chase Bank USA, N.A. (Chase).
On May 19, Chase removed all Washington Mutual-originated credit card accounts and receivables from the Washington Mutual Master Trust. Prior to the removal, a significant number of accounts belonged to those originated by Washington Mutual Bank. Following the removal, the trust is comprised entirely of receivables originated by Chase, which have different performance metrics than the legacy Washington Mutual receivables; specifically, chargeoffs are significantly lower and the monthly payment rate (MPR) is higher than the pre-removal performance.
The following classes of Washington Mutual Master Note Trust were placed on Rating Watch Positive:
--$750,000,000 Class 2006-A2: 'AA-';
--$1,250,000,000 Class 2006-A3: 'AA-';
--$500,000,000 Class 2006-A4: 'AA-';
--$1,100,000,000 Class 2007-A1: 'AA-';
--$875,000,000 Class 2007-A2 'AA-';
--$425,000,000 Class 2007-A4 'AA-';
--$200,000,000 Class 2007-A5 'AA-';
--$300,000,000 Class 2006-M1 'A-';
--$150,000,000 Class 2007-B1 'BBB';
--$200,000,000 Class 2006-C1 'BB+';
--$150,000,000 Class 2006-C2 'BB+';
--$200,000,000 Class 2006-C3 'BB+';
--$125,000,000 Class 2007-C1 'BB+';
--$606,000,000 Class 2005-D2 'B-'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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