KBRA UK (KBRA) assigns preliminary ratings to six classes of notes to be issued under the OnTap Master Trust structure, a UK credit card ABS programme backed by receivables originated and serviced by New Wave Capital Limited trading as Capital on Tap (CoT). The issuance relates to Series 4 (the Series), which will be issued by London Cards Master Issuer plc.
CoT is a privately owned non-bank lender that provides business credit cards to small and medium-sized enterprises (SMEs). CoT launched its SME credit card product in 2017 and, as of June 2026, had approximately 190,000 customers and £1.7 billion of UK credit card receivables.
The Series includes a revolving period which is scheduled to end in September 2029 and may be extended by up to 12 months in accordance with the transaction documents. Credit enhancement for the rated notes consists primarily of subordination of the junior note classes, excess finance charge collections and a liquidity reserve. Interchange fees generated on card transactions are retained by CoT and do not form part of collections available to the Master Trust. The structure applies a 1.8% Discount Percentage, under which principal receivables are purchased at a discount and an equivalent proportion of principal collections is treated as finance charge collections and made available through the revenue waterfall.
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Methodologies
- ABS: Credit Card ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.
About KBRA UK
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1st Floor, Marble Arch House, 66 Seymour Street, London W1H 5BT, England.
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Contact
Analytical Contacts
Dinesh Thapar, Senior Director (Lead Analyst)
+44 20 8148 1067
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Killian Walsh, Managing Director
+353 1 588 1184
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Christopher Noonan, Associate Director
+353 1 588 1225
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John Hogan, Co-Head of Europe (Rating Committee Chair)
+353 1 588 1191
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Business Development Contacts
Miten Amin, Managing Director
+44 20 8148 1002
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Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
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