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Fitch Affirms Ratings on Chase Issuance Trust

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the ratings assigned to the Chase Issuance Trust (CHAIT):

--2003-4A at 'AAAsf'; Stable Outlook;

--2003-8A at 'AAAsf'; Stable Outlook;

--2003-3C at 'BBBsf', Stable Outlook;

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

--2004-2C at 'BBBsf', Stable Outlook;

--2004-8A at 'AAAsf'; Stable Outlook;

--2005-11A at 'AAAsf'; Stable Outlook;

--2005-3B at 'Asf'; Stable Outlook;

--2006-2A at 'AAAsf'; Stable Outlook;

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

--2006-1C at 'BBBsf'; Stable Outlook;

--2007-2A at 'AAAsf'; Stable Outlook;

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

--2007-1B at 'Asf', Stable Outlook;

--2007-1C at 'BBBsf', Stable Outlook;

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

--2007-7A at 'AAAsf'; Stable Outlook;

--2007-8A at 'AAAsf'; Stable Outlook;

--2007-12A at 'AAAsf'; Stable Outlook;

--2007-17A at 'AAAsf'; Stable Outlook;

--2007-18A at 'AAAsf'; Stable Outlook;

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

--2008-3A at 'AAAsf'; Stable Outlook;

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

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

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

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

--2008-11A at 'AAAsf'; Stable Outlook;

--2008-12A at 'AAAsf'; Stable Outlook;

--2008-13A at 'AAAsf'; Stable Outlook;

--2008-14A at 'AAAsf'; Stable Outlook;

--2011- A1 at 'AAAsf'; Stable Outlook;

--2011-A2 at 'AAAsf'; Stable Outlook;

--2011-A3 at 'AAAsf'; Stable Outlook;

--2012-A1 at 'AAAsf'; Stable Outlook;

--2012-A2 at 'AAAsf'; Stable Outlook;

--2012-A3 at 'AAAsf'; Stable Outlook;

--2012-A4 at 'AAAsf'; Stable Outlook;

--2012-A5 at 'AAAsf'; Stable Outlook;

--2012-A6 at 'AAAsf'; Stable Outlook.

Delinquencies of 60+ Days have steadily declined each month since the peak of 3.81% during the January 2010 distribution period. Currently 60+ day delinquencies are at 1.34% for the September 2012 distribution period.

Three-month excess spread reached a historic level in the September 2012 reporting period of 10.76%.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their credit card debts, has improved over the past year and is trending with the Fitch index. The current Fitch Index Monthly Payment Rate was 28.02% for the September 2012 distribution period.

Fitch runs cash flow breakeven analysis by applying stress scenarios to three- and 12-month average performances to test that under the stressed conditions, the transaction can withstand a level of losses commensurate with the risk associated with 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. For further information, please see the U.S. Credit Card ABS Issuance updates published by Fitch 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 ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

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 Structured Finance Rating Criteria'(June 6, 2012);

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

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Global Credit Card ABS Rating Criteria

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

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Fitch Ratings
Primary Analyst
John Alberici, +1 212-908-0370
Analyst
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Lauren Tierney, +1 212-908-0168
Associate Director
or
Committee Chair
Cynthia Ullrich, +1 212-908-0609
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

Source: Fitch Ratings