KBRA Assigns Preliminary Ratings to NewDay Partnership Master Trust, Series 2026-1
KBRA UK (KBRA) assigns preliminary ratings to three classes of notes to be issued under the NewDay Partnership Master Trust (Master Trust), a UK credit card ABS programme backed by receivables originated by NewDay Ltd. (NewDay) and serviced by NewDay Cards Ltd.
NewDay is a UK-based consumer credit provider established in 2001 and regulated by the Financial Conduct Authority. The Company provides credit products either directly to consumers or through relationships with retail partners and serves approximately five million customers across its merchant offering and direct-to-consumer platforms. The receivables securitised through the Master Trust are limited to the merchant offering segment and consist of co-branded credit card accounts originated pursuant to agreements with individual retail partners, together with a smaller proportion of store card receivables.
The Series includes a revolving period of up to three years during which principal collections will be used to purchase additional eligible receivables. During the revolving period, and so long as a series pay-out event has not occurred, no principal payments will be made on the notes. Credit enhancement on the rated notes consists of subordination of junior note classes, excess spread generated by the pool of receivables and a liquidity reserve. The transaction also includes a minimum transferor interest which provides structural protection against dilution risk.
To access ratings and relevant documents, click here.
Click here to view the report.
Methodologies
- ABS: Credit Card ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating 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 1 Connaught Place, 2nd Floor London, England.
Doc ID: 1013845
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Contact
Analytical Contacts
Irfan Surti, Associate Director (Lead Analyst)
+44 20 8148 1079
[email protected]
Killian Walsh, Managing Director
+353 1 588 1184
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John Hogan, Co-Head of Europe (Rating Committee Chair)
+353 1 588 1191
[email protected]
Business Development Contacts
Miten Amin, Managing Director
+44 20 8148 1002
[email protected]
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
[email protected]
