Duff rates RI's notes

Duff rates RI's notes

CHICAGO (Reuter): Duff & Phelps Credit Rating Co said Tuesday it assigned ratings to the Daiwa Asia Card LTD NV credit card receivables-backed notes, marking only the second credit card securitization transaction from Indonesia to be rated.

The US$36,250,000 Class A notes were rated Single A, and the US$3,750,000 Class B subordinated notes were rated Triple B.

Duff & Phelps said the ratings reflect substantial credit enhancements, the mitigation of the currency risk by virtue of a currency swap from Indonesian rupiah into U.S. dollars and appropriate early amortization events.

The certificates are backed by an undivided right to certain credit card receivables originated by Citicorp's Citibank NA branch in Jakarta, Indonesia.