Fitch Affirms BA Credit Card Trust

NEW YORK--()--Fitch Ratings has affirmed the long-term ratings and Rating Outlooks assigned to BA Credit Card Trust as follows:

BA Credit Card Trust (BACCT)

--2003-10A at 'AAAsf'; Outlook Stable;

--2003-4C at 'BBB+sf', Outlook Stable;

--2003-7C at 'BBB+sf', Outlook Stable;

--2004-1A at 'AAAsf'; Outlook Stable;

--2004-1B at 'A+sf', Outlook Stable;

--2004-2C at 'BBB+sf', Outlook Stable;

--2004-3A at 'AAAsf'; Outlook Stable;

--2005-10A at 'AAAsf'; Outlook Stable;

--2006-11A at 'AAAsf'; Outlook Stable;

--2006-13A at 'AAAsf'; Outlook Stable;

--2006-14A at 'AAAsf'; Outlook Stable;

--2006-1B at 'A+sf', Outlook Stable;

--2006-1C at 'BBB+', Outlook Stable;

--2006-5A at 'AAAsf'; Outlook Stable;

--2006-5C at 'BBB+sf', Outlook Stable;

--2006-7A at 'AAAsf'; Outlook Stable;

--2006-8A at 'AAAsf'; Outlook Stable;

--2007-10A at 'AAAsf'; Outlook Stable;

--2007-11A at 'AAAsf'; Outlook Stable;

--2007-15A at 'AAAsf'; Outlook Stable;

--2007-1A at 'AAAsf'; Outlook Stable;

--2007-2B at 'A+sf', Outlook Stable;

--2007-3A at 'AAAsf'; Outlook Stable;

--2007-3B at 'A+sf', Outlook Stable;

--2007-4A at 'AAAsf'; Outlook Stable;

--2007-5A at 'AAAsf'; Outlook Stable;

--2007-6A at 'AAAsf'; Outlook Stable;

--2008-10A at 'AAAsf'; Outlook Stable;

--2008-2A at 'AAAsf'; Outlook Stable;

--2008-4A at 'AAAsf'; Outlook Stable;

--2008-5C at 'BBB+sf', Outlook Stable;

--2008-6A at 'AAAsf'; Outlook Stable;

--2008-8A at 'AAAsf'; Outlook Stable;

--2010-1A at 'AAAsf'; Outlook Stable;

The affirmation is based on continued positive trust performance. Over the past twelve months, gross yield has been performing within Fitch's steady state expectations. As of the January 2013 reporting period, the 12-month average gross yield was 17.71% compared to the 12-month average of 22.78% at last year's review.

Excess spread has been above 9% over the past twelve months. With continued positive performance in 60+ day delinquencies and chargeoffs, Fitch expects these levels to be in line with steady state expectations.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their debt, has remained consistent over the past year. Currently the 12-month average is 16.29%, up slightly from 15.67% at last year's review.

Gross charge-offs continued to drop over the past year, representing an aggregate decrease of 20.06% over the past twelve months. The current 3- and 12- month average is 5.18% and 5.85% respectively. At last year's review, the three month average was 6.62%.

Sixty-plus day delinquencies fell to an all-time low of 2.19% at the January 2013 reporting period. Year-over-year (YOY) 60+ day delinquencies show an additional decrease of 23.16% from 28.14% at last year's review.

Fitch runs cash flow breakeven analysis by applying stress scenarios to 3-, 6-, and 12-month average performance to test that under the stressed conditions, the transaction can withstand a level of losses commensurate with the risk associated to a rating level with the available credit enhancement. The variables that Fitch stresses are the gross yield, monthly payment rate, gross charge-off, and purchase rates. The break-even loss level output for the notes provides an indication of the remoteness of the class of notes to stressed performance deterioration. For further information, please review the U.S. Credit Card ABS Issuance updates published on a monthly basis.

Fitch's analysis included a comparison of observed performance trends over the past few months to Fitch's base case expectations for each outstanding rating category. As part of its on-going surveillance efforts, Fitch will continue to monitor the performance of this Trust.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (June 22, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681533

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Contacts

Primary Analyst
Jared Kirsch
Analyst
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Fitch Ratings, Inc.
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New York, NY 10004
or
Secondary Analyst
Herman Poon
Director
+1-212-908-0847
or
Committee Chairperson
Steven Stubbs
Senior Director
+1-212-908-0676
or
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