OREANDA-NEWS. Fitch Ratings has affirmed Eagle Credit Card Trust's long-term ratings. The Rating Outlook remains Stable. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The affirmation is based on continued positive trust performance and robust breakeven multiples in line with expectations. The Stable Outlook indicates that Fitch expects the ratings will remain stable for the next one to two years

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their debt, has improved over the past year. Currently the 12-month average is 53.27%, up from 51.77% at the June 2014 distribution period.

Net charge-offs have remained relatively stable in the past year. Currently, the 12-month average is 3.84%, up from 3.69% as of June 2014. As of the June 2015 reporting period, the 12-month average 60+ day delinquencies were 1.12% compared to the 12-month average of 1.09% at this point last year. Fitch expects charge-off levels to remain stable in the near term given the high quality of the credit card portfolio.

The current 12-month average gross yield for Eagle Credit Card Trust is 25.11% as of the June 2015 distribution period, compared with a 12-month average of 25.32% as of June 2014.

Fitch runs cashflow breakeven analysis by applying stress scenarios to three-, six-, and 12-month performance averages to evaluate the breakeven loss multiples at different rating levels. The performance variables that Fitch stresses are the gross yield, MPR, gross charge-offs, and purchase rates.

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 Eagle Credit Card Trust.

RATING SENSITIVITIES

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults, 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower MPR. Increasing the default rate alone has the least impact on rating migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a decrease in purchase rate is more pronounced with a severe stress of a 100% decrease, and would lead to possible downgrades across all classes. The harshest scenario assumes both increased defaults and reduced MPR stresses occur simultaneously. Similarly, the ratings would only be downgraded under the moderate stress of a 50% increase in defaults and 25% reduction in MPR; however, the severe stress could lead to more drastic downgrades to all classes. To date, the transactions have exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of Fitch's sensitivity analysis, please see the New Issue Reports related to the transactions listed below.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.

A comparison of the transaction's Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for the asset class is available by accessing the appendix that accompanies the initial New Issue Report. Please refer to 'Eagle Credit Card Trust, Series 2010-2 -- Appendix ' and 'Eagle Credit Card Trust, Series 2013-1 -- Appendix', published on Aug. 25, 2014 at www.fitchratings.com.

Initial Key Rating Drivers and Rating Sensitivities further described in the New Issue reports published on Sept. 17, 2014.

Fitch has affirmed the following ratings:

Eagle Credit Card Trust, Series 2010-2:
--Class A notes at 'AAAsf; Outlook Stable;
--Class B notes at 'Asf; Outlook Stable;
--Class C notes at 'BBBsf; Outlook Stable.

Eagle Credit Card Trust, Series 2013-1:
--Class A notes at 'AAAsf; Outlook Stable;
--Class B notes at 'Asf; Outlook Stable;
--Class C notes at 'BBBsf; Outlook Stable.