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TEXT-S&P says Canadian CCQI performance relatively flat in Aug.

(The following statement was released by the rating agency)

Oct. 2 - Both the Canadian Credit Card Quality Index (Canadian CCQI) charge-off rate and the Canadian unemployment rate remained unchanged in August from July, at 3.8% and 7.3%, respectively, said an article published today by Standard & Poor's Ratings Services, titled "Canadian Credit Card Quality Index Report: Performance Remained Relatively Flat In August 2012." The Canadian CCQI tracks the performance of nearly C$16.1 billion in credit card receivables from four major Canadian trusts that issue credit card asset-backed securities and that we publicly rate.

"The charge-off rate in Canada continues to improve on a year-over-year basis, but the rate of improvement is declining," said Standard & Poor's credit analyst Matthew Mitchell. "We have observed a similar trend in the country's unemployment rate--a key factor in credit quality."

Payment rates declined to 37.2% from 38.6% in July but remain higher than their August 2011 levels. Yield and excess spread declined slightly in August, to 21.3% and 13.3%, respectively, from 21.4% and 13.4% the previous month.

The report is available to subscribers of RatingsDirect on the Global Credit Portal at . If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at . Members of the media may request a copy of this report by contacting the media representative provided.

Primary Credit Analysts: John A Detweiler, CFA, New York (1) 212-438-7319;

john_detweiler@standardandpoors.com Matthew S Mitchell, Toronto (1) 416-507-2548; matthew_mitchell@standardandpoors.com

Secondary Contacts: Ildiko Szilank, New York (1) 212-438-2614;

ildiko_szilank@standardandpoors.com Frank J Trick, New York (1) 212-438-1108; frank_trick@standardandpoors.com Research Contributors: Darshan Rathod, CRISIL Global Analytical Center, an S&P affiliate, Mumbai Neha Panchal, CRISIL Global Analytical Center, an S&P affiliate, Mumbai Media Contact: April T Kabahar, New York 212-438-7530; april_kabahar@standardandpoors.com (Reporting By Hilary Russ)

((Hilary.Russ@thomsonreuters.com; (646) 223-7381; Reuters Messaging: hilary.russ.thomsonreuters.com@reuters.net))

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