KBRA Assigns Preliminary Ratings to Mercury Financial Credit Card Master Trust, Series 2021-1
NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes that will be issued from Mercury Financial Credit Card Master Trust, Series 2021-1 (“MFCCMT 2021-1”), a credit card asset-backed securities transaction. The ratings reflect the initial credit enhancement levels ranging from 33.25% for the Class A notes to 5.00% for the Class D notes. Credit enhancement on the notes consists of i) subordination (except for the class D notes) ii) excess spread generated by the pool of credit card receivables and iii) a reserve account (if funded after the closing date).
The Notes of MFCCMT 2021-1 are collateralized and repaid by a portfolio of revolving general-purpose credit card…
