Moody's places on review for upgrade the Class B credit card ABS notes of Turquoise Credit Card Backed Securities plc (Series 2012-1) following methodology update

London, 19 March 2015 -- Moody's Investors Service updated its methodology for rating credit card receivables-backed securitizations on 16 March 2015, to reflect changes in how Moody's measures the sponsor risk of default in relation to the exposure that credit card ABS transactions have to entities of banking groups. In particular, Moody's now uses a bank's Counterparty Risk Assessment (CR Assessment), which the rating agency introduced for banks as part of its revised bank rating methodology on 16 March 2015, rather than its senior unsecured or long term deposit rating to measure the probability that it will shut down its credit card portfolio.

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