Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - RFS HOLDING LLC | tv479620_8k.htm |
Exhibit 99.1
The following tables summarize the trust portfolio by various criteria as of October 31, 2017 for each of the retailers included in the trust portfolio, except for the “Composition by FICO® Credit Score Range” table, which summarizes the trust portfolio as of October 31, 2017 by FICO® credit score as most recently refreshed.
Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding.
For purposes of the tables in this section:
| • | Total Receivables Outstanding is the sum of principal receivables and finance charge receivables (which includes fee receivables) included in the trust portfolio in the period indicated. |
| • | Accounts is the number of accounts included in the trust portfolio as of the date or in the period indicated. |
Composition by Retailer
| Retailer | Total Receivables Outstanding | Percentage of Total Receivables Outstanding | Number of Accounts | Percentage of Number of Accounts | ||||||||||||
| Lowe’s | $ | 2,367,687,347 | 19.8 | % | 1,813,674 | 12.2 | % | |||||||||
| JCPenney | 2,258,014,795 | 18.9 | % | 3,977,141 | 26.7 | % | ||||||||||
| Sam’s Club Dual Card | 1,546,338,255 | 12.9 | % | 1,248,644 | 8.4 | % | ||||||||||
| Wal-Mart (1) | 1,462,479,349 | 12.2 | % | 1,159,939 | 7.8 | % | ||||||||||
| Sam’s Club(1) | 1,278,574,162 | 10.7 | % | 1,741,880 | 11.7 | % | ||||||||||
| Gap Family Dual Card(2) | 1,262,571,116 | 10.6 | % | 1,237,573 | 8.3 | % | ||||||||||
| Belk | 744,111,392 | 6.2 | % | 1,455,163 | 9.8 | % | ||||||||||
| Gap(3) | 438,094,606 | 3.7 | % | 1,187,635 | 8.0 | % | ||||||||||
| Chevron | 225,026,716 | 1.9 | % | 794,646 | 5.3 | % | ||||||||||
| JCPenney Dual Card | 108,977,426 | 0.9 | % | 78,438 | 0.5 | % | ||||||||||
| Other | 253,532,632 | 2.1 | % | 182,111 | 1.2 | % | ||||||||||
| Total | $ | 11,945,407,797 | 100.0 | % | 14,876,844 | 100.0 | % | |||||||||
| (1) | Sam’s Club and Wal-Mart are affiliated retailers. Sam’s Club cards may also be used at Wal-Mart locations, and Wal-Mart cards may be used at Sam’s Club locations if the cardholder belongs to the club. Figures shown here are based on which retailer is identified on the card, not where the purchase was made. |
| (2) | Figures presented for Gap Family Dual Card include Old Navy Dual Card, Gap Dual Card and Banana Republic Dual Card, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two. |
| (3) | Figures presented for Gap include Old Navy, Gap and Banana Republic, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two. |
Composition by Account Balance Range
| Account Balance Range | Total Receivables Outstanding | Percentage of Total Receivables Outstanding | Number of Accounts | Percentage of Number of Accounts | ||||||||||||
| Credit Balance | $ | (13,853,037 | ) | -0.1 | % | 229,773 | 1.5 | % | ||||||||
| No Balance | – | 0.0 | % | 5,571,584 | 37.5 | % | ||||||||||
| $0.01-$500.00 | 740,754,409 | 6.2 | % | 4,648,890 | 31.2 | % | ||||||||||
| $500.01-$1,000.00 | 812,112,281 | 6.8 | % | 1,119,237 | 7.5 | % | ||||||||||
| $1,000.01-$2,000.00 | 1,789,214,574 | 15.0 | % | 1,229,346 | 8.3 | % | ||||||||||
| $2,000.01-$3,000.00 | 1,812,674,558 | 15.2 | % | 736,202 | 4.9 | % | ||||||||||
| $3,000.01-$4,000.00 | 1,613,261,984 | 13.5 | % | 465,277 | 3.1 | % | ||||||||||
| $4,000.01-$5,000.00 | 1,518,414,187 | 12.7 | % | 337,717 | 2.3 | % | ||||||||||
| $5,000.01-$6,000.00 | 1,217,106,222 | 10.2 | % | 222,357 | 1.5 | % | ||||||||||
| $6,000.01-$7,000.00 | 819,254,388 | 6.9 | % | 126,763 | 0.9 | % | ||||||||||
| $7,000.01-$8,000.00 | 608,157,060 | 5.1 | % | 81,474 | 0.5 | % | ||||||||||
| $8,000.01-$9,000.00 | 437,820,672 | 3.7 | % | 51,713 | 0.3 | % | ||||||||||
| $9,000.01-$10,000.00 | 334,355,731 | 2.8 | % | 35,284 | 0.2 | % | ||||||||||
| $10,000.01-$15,000.00 | 215,107,107 | 1.8 | % | 19,095 | 0.1 | % | ||||||||||
| $15,000.01-$20,000.00 | 25,597,926 | 0.2 | % | 1,536 | 0.0 | % | ||||||||||
| $20,000.01 or more | 15,429,735 | 0.1 | % | 596 | 0.0 | % | ||||||||||
| Total | $ | 11,945,407,797 | 100.0 | % | 14,876,844 | 100.0 | % | |||||||||
Composition by Credit Limit Range
| Credit Limit Range | Total Receivables Outstanding | Percentage of Total Receivables Outstanding | Number of Accounts | Percentage of Number of Accounts | ||||||||||||
| $0.01-$500.00 | $ | 76,145,171 | 0.6 | % | 695,244 | 4.7 | % | |||||||||
| $500.01-$1,000.00 | 180,995,281 | 1.5 | % | 800,364 | 5.4 | % | ||||||||||
| $1,000.01-$2,000.00 | 729,908,451 | 6.1 | % | 2,982,832 | 20.1 | % | ||||||||||
| $2,000.01-$3,000.00 | 1,057,441,338 | 8.9 | % | 2,536,234 | 17.0 | % | ||||||||||
| $3,000.01-$4,000.00 | 1,085,211,731 | 9.1 | % | 1,587,072 | 10.7 | % | ||||||||||
| $4,000.01-$5,000.00 | 1,484,696,694 | 12.4 | % | 1,486,663 | 10.0 | % | ||||||||||
| $5,000.01-$6,000.00 | 1,598,273,622 | 13.4 | % | 1,238,577 | 8.3 | % | ||||||||||
| $6,000.01-$7,000.00 | 1,106,849,327 | 9.3 | % | 764,345 | 5.1 | % | ||||||||||
| $7,000.01-$8,000.00 | 1,187,547,853 | 9.9 | % | 811,596 | 5.5 | % | ||||||||||
| $8,000.01-$9,000.00 | 815,627,598 | 6.8 | % | 452,765 | 3.0 | % | ||||||||||
| $9,000.01-$10,000.00 | 1,813,105,733 | 15.2 | % | 1,097,413 | 7.4 | % | ||||||||||
| $10,000.01 or more | 809,604,998 | 6.8 | % | 423,739 | 2.8 | % | ||||||||||
| Total | $ | 11,945,407,797 | 100.0 | % | 14,876,844 | 100.0 | % | |||||||||
Composition by Account Age Range
| Account Age Range | Total Receivables Outstanding | Percentage of Total Receivables Outstanding | Number of Accounts | Percentage of Number of Accounts | ||||||||||||
| Up to 6 Months | $ | – | 0.0 | % | – | 0.0 | % | |||||||||
| 6 Months to 12 Months | – | 0.0 | % | – | 0.0 | % | ||||||||||
| Over 12 Months to 24 Months | – | 0.0 | % | – | 0.0 | % | ||||||||||
| Over 24 Months to 36 Months | – | 0.0 | % | – | 0.0 | % | ||||||||||
| Over 36 Months to 48 Months | – | 0.0 | % | – | 0.0 | % | ||||||||||
| Over 48 Months to 60 Months | 84,177,236 | 0.7 | % | 106,345 | 0.7 | % | ||||||||||
| Over 60 Months to 72 Months | 817,307,357 | 6.8 | % | 918,187 | 6.2 | % | ||||||||||
| Over 72 Months to 84 Months | 940,749,304 | 7.9 | % | 1,054,059 | 7.1 | % | ||||||||||
| Over 84 Months to 96 Months | 959,209,817 | 8.0 | % | 1,029,340 | 6.9 | % | ||||||||||
| Over 96 Months to 108 Months | 926,490,505 | 7.8 | % | 1,013,006 | 6.8 | % | ||||||||||
| Over 108 Months to 120 Months | 1,116,581,811 | 9.3 | % | 1,093,994 | 7.4 | % | ||||||||||
| Over 120 Months | 7,100,891,767 | 59.4 | % | 9,661,913 | 64.9 | % | ||||||||||
| Total | $ | 11,945,407,797 | 100.0 | % | 14,876,844 | 100.0 | % | |||||||||
Except for the applicable states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total receivables balances, as applicable, as of October 31, 2017 for each of the retailers included in the trust portfolio. Since the largest number of cardholders (based on billing addresses) whose accounts are designated for the trust portfolio were in the five states listed below, adverse economic conditions affecting cardholders residing in those areas could affect timely payment by the related cardholders of amounts due on the accounts and, accordingly, the rate of delinquencies and losses for the trust portfolio.
Composition by Billing Address
| Billing Address | Total Receivables Outstanding | Percentage of Total Receivables Outstanding | Number of Accounts | Percentage of Number of Accounts | ||||||||||||
| Texas | $ | 1,162,091,916 | 9.7 | % | 1,308,334 | 8.8 | % | |||||||||
| California | 881,744,090 | 7.4 | % | 1,359,609 | 9.1 | % | ||||||||||
| Florida | 755,446,389 | 6.3 | % | 955,341 | 6.4 | % | ||||||||||
| North Carolina | 676,195,312 | 5.7 | % | 847,033 | 5.7 | % | ||||||||||
| New York | 568,651,427 | 4.8 | % | 748,770 | 5.0 | % | ||||||||||
| Other | 7,901,278,663 | 66.1 | % | 9,657,757 | 64.9 | % | ||||||||||
| Total | $ | 11,945,407,797 | 100.0 | % | 14,876,844 | 100.0 | % | |||||||||
Composition by Delinquency Status
| Delinquency Status | Total Receivables Outstanding | Percentage of Total Receivables Outstanding | Number of Accounts | Percentage of Number of Accounts | ||||||||||||
| Current, Credit and Zero Balance | $ | 11,215,804,381 | 93.3 | % | 14,504,453 | 97.5 | % | |||||||||
| 1 – 29 Days | 351,557,216 | 2.9 | % | 220,402 | 1.5 | % | ||||||||||
| 30 – 59 Days | 116,136,844 | 1.0 | % | 55,222 | 0.4 | % | ||||||||||
| 60 – 89 Days | 84,556,394 | 0.7 | % | 33,745 | 0.2 | % | ||||||||||
| 90 – 119 Days | 68,677,797 | 0.6 | % | 25,341 | 0.2 | % | ||||||||||
| 120 – 149 Days | 59,631,650 | 0.5 | % | 21,101 | 0.1 | % | ||||||||||
| 150 or More Days | 49,043,515 | 0.4 | % | 16,580 | 0.1 | % | ||||||||||
| Total | $ | 11,945,407,797 | 100.0 | % | 14,876,844 | 100.0 | % | |||||||||
The following table reflects receivables as of October 31, 2017, and the composition of accounts by FICO® credit score as most recently refreshed:
Composition by FICO® Credit Score Range
| FICO® Credit Score Range(1) | Total Receivables Outstanding | Percentage Outstanding | ||||||
| Less than or equal to 599 | $ | 711,757,076 | 6.0 | % | ||||
| 600 to 659 | 1,949,773,775 | 16.3 | % | |||||
| 660 to 719 | 4,640,155,676 | 38.8 | % | |||||
| 720 and above | 4,591,729,631 | 38.4 | % | |||||
| No Score | 51,991,639 | 0.4 | % | |||||
| Total | $ | 11,945,407,797 | 100.0 | % | ||||
________
| (1) | FICO® is a federally registered trademark of Fair, Isaac & Company. |
Collateral For the Notes
The following information regarding the trust portfolio is as of October 31, 2017:
| · | total transferred receivables: $11,945,407,797 |
| · | principal receivables: $11,514,891,065 |
| · | finance charge receivables: $430,516,731 |
| · | total number of accounts designated to the trust portfolio: 14,876,844 |
As of October 31, 2017:
| · | The accounts designated for the trust portfolio had an average total receivable balance of approximately $803 and an average credit limit of approximately $4,268. |
| · | For accounts designated for the trust portfolio, the percentage of the aggregate total receivable balance to the aggregate total credit limit was approximately 18.8%. |
| · | The average age of the accounts designated for the trust portfolio was approximately 158 months. |
Balance Reductions
The accounts in the trust portfolio may have balance reductions granted for a number of reasons, including merchandise refunds, returns, and fraudulent charges. For the twelve months ended October 31, 2017, the average monthly balance reduction rate for the approved portfolio of accounts attributable to such returns and fraud was 0.87%.
Payment Rates
The payment rate on the receivables is the most important factor that will determine the size of principal payments during an early amortization period and whether the trust has funds available to repay the notes on the expected principal payment date. The following Cardholder Monthly Payment Rates table sets forth the highest and lowest cardholder monthly payment rates on the credit card accounts in the trust portfolio during any Monthly Period in the Securitization Reporting Years or portion thereof, as applicable, shown, in each case calculated as a percentage of the Principal Receivables Outstanding as of the first day of each Monthly Period during the Securitization Reporting Years or portion thereof, as applicable, shown. Payment rates shown in the table are based on amounts that would be deemed payments of principal receivables with respect to the accounts. For purposes of these calculations, Principal Receivables Outstanding are principal receivables included in the trust portfolio in the period indicated. Each Securitization Reporting Year is the period of twelve Monthly Periods ending on December 21st of the related calendar year.
The Payment Status table in this section shows the average for all billing cycles in the period indicated of the payments made on the receivables that fall within each of the following categories: (1) less than minimum payment, (2) minimum payment, (3) greater than minimum payment, but less than full payment and (4) full payment or greater than full payment. For any billing cycle, the percentage of payments in each category is calculated by dividing the number of accounts with payments in that category by the total amount of all accounts that were required to make payments on the receivables.
Although we have provided historical data concerning the payment rates on the receivables and the percentage of the receivables falling in each payment category, because of the factors described in this prospectus under “Risk Factors,” we cannot provide you with any assurance that the levels and timing of payments on receivables in the trust portfolio from time to time will be similar to the historical experience described in the following tables for the trust portfolio or that deposits into the principal accumulation account will equal the applicable controlled accumulation amount. The trust may shorten the controlled accumulation period and, in that event, we cannot provide any assurance that there will be sufficient time to accumulate all amounts necessary to pay the outstanding principal amount of the Series 2016-2 notes on the expected principal payment date.
Cardholder Monthly Payment Rates
Ten Months Ended October 31, |
Securitization Reporting Year | |||||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
| Lowest Month | 12.97% | 12.90% | 12.34% | 12.43% | 12.60% | 13.01% | ||||||||||||||||||||
| Highest Month | 14.48% | 14.47% | 14.11% | 13.69% | 13.99% | 15.40% | ||||||||||||||||||||
| Monthly Average | 13.92% | 13.65% | 13.28% | 13.05% | 13.36% | 14.26% | ||||||||||||||||||||
Payment Status
| Percentage of Accounts | ||||||||||||||||||||||||
| Ten Billing Cycles Ended in October 31, 2017 | Twelve Billing Cycles Ended in December 2016 | Twelve Billing Cycles Ended in December 2015 | Twelve Billing Cycles Ended in December 2014 | Twelve Billing Cycles Ended in December 2013 | Twelve Billing Cycles Ended in December 2012 | |||||||||||||||||||
| Less than Minimum Payment | 8.25% | 8.47% | 8.81% | 9.82% | 10.50% | 10.70% | ||||||||||||||||||
| Minimum Payment | 15.48% | 16.07% | 16.55% | 16.76% | 16.85% | 15.96% | ||||||||||||||||||
| Greater than Minimum Payment, Less than Full Payment | 39.00% | 39.45% | 40.25% | 41.00% | 41.09% | 42.38% | ||||||||||||||||||
| Full Payment or Greater than Full Payment | 37.28% | 36.02% | 34.39% | 32.42% | 31.56% | 30.95% | ||||||||||||||||||
We cannot assure you that the cardholder monthly payment rates or the payment experience for the trust portfolio in the future will be similar to the historical experience set forth in the tables above. In addition, the amount of collections of receivables may vary from month to month due to seasonal variations, general economic conditions, payment habits of individual cardholders and changes in minimum payment formulas.