TEXT-S&P assigns Dryrock Issuance Trust 2012-1 prelim 'AAA (sf)' rating

Wed Nov 7, 2012 12:00pm EST

OVERVIEW
     -- Dryrock Issuance Trust's series 2012-1 issuance is an ABS 
securitization backed by receivables generated from credit card accounts owned 
by Barclays Bank Delaware.
     -- We assigned our preliminary 'AAA (sf)' rating to the class A notes.
     -- The preliminary 'AAA (sf)' rating reflects our view of the 
transaction's credit support, timely interest and principal payments, and 
payment and legal structures, among other factors.
 
NEW YORK (Standard & Poor's) Nov. 7, 2012--Standard & Poor's Ratings Services 
today assigned its preliminary ratings to Dryrock Issuance Trust's class A 
floating-rate asset-backed notes series 2012-1 (see list).

The note issuance is an asset-backed securities transaction backed by 
receivables generated from credit card accounts owned by Barclays Bank 
Delaware.

The preliminary rating is based on information as of Nov. 7, 2012. Subsequent 
information may result in the assignment of a final rating that differs from 
the preliminary rating.

The preliminary rating reflects: 
     -- Our view that the 21% credit support provided by the subordinated 
class B notes is sufficient to withstand the simultaneous stresses we apply to 
our 7.0%-9.0% base-case loss rate, 20.75%-22.75% base-case payment rate, 
15.75%-17.75% base-case yield, and 0.0%-1.0% purchase rate assumptions for the 
notes. In addition, we used stressed excess spread and note interest rate 
assumptions to assess whether, in our opinion, sufficient credit support is 
available for the notes. All of the stress assumptions outlined above are 
based on our current criteria and assumptions (for more information, see 
"General Methodology And AssumptionsRELATED CRITERIA AND RESEARCH

Related Criteria
     -- Revised Purchase And Payment Rate Assumptions For U.S. Credit Card 
ABS, Sept. 14, 2011 
     -- Principles Of Credit Ratings, Feb. 16, 2011
     -- Methodology: Credit Stability Criteria, May 3, 2010
     -- General Methodology And Assumptions For Rating U.S. ABS Credit Card 
Securitizations, April 19, 2010
 
Related Research
     -- Presale: Dryrock Issuance Trust - Series 2012-1, Nov. 7, 2012
     -- U.S. Credit Card Quality Index: Overall Improvements Are Expected To 
Continue Throughout 2012, Oct. 1, 2012
     -- U.S. Economic Forecast: He's Buying A Stairway To Heaven, Sept. 21, 
2012
     -- Industry Economic And Ratings Outlook: U.S. Credit Card ABS 
Fundamentals Remain Strong And Charge-Offs Are Low, Aug. 9, 2012
     -- U.S. Credit Card ABS Issuer Report: Loss Rates Stayed Stable In 
Second-Quarter 2012 Despite A Sluggish Economy, Aug. 9, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
 
PRELIMINARY RATING ASSIGNED
Dryrock Issuance Trust - Series 2012-1
 
Class                      Rating               Amount

A                          AAA (sf)                TBD
B                          NR                      TBD

NR--Not rated. TBD--To be determined.
FILED UNDER:
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