Fitch affirms HyundaiCard Funding

Fitch Ratings said it affirmed HyundaiCard Funding I Ltd.'s €200 million senior notes at AAA and assigned a loss severity rating at LS-2.

The outlook is stable.

The collateral continues to perform within its base-case expectations, Fitch said. Currently, the securities can withstand stress scenarios consistent with its rating category, the agency said, and continue to make full payments of interest and principal in accordance with the terms of the documents.

The senior note in the transaction remains adequately subordinated, Fitch said, and the underlying credit card portfolio continues to perform within expectations.

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