Fitch Rates Golden Credit Card Trust, Series 2016-3 and 2016-4

(The following statement was released by the rating agency)

NEW YORK, April 28 (Fitch) Fitch Ratings has assigned the following ratings to
Golden Credit Card Trust, series 2016-3 and 2016-4 asset-backed notes:

Golden Credit Card Trust Series 2016-3

--USD400,000,000 class A 'AAAsf'; Outlook Stable;

--CAD24,401,069 class B 'Asf'; Outlook Stable;

--CAD10,844,920 class C 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust Series 2016-4

--USD400,000,000 class A 'AAAsf'; Outlook Stable;

--CAD24,401,069 class B 'Asf'; Outlook Stable;

--CAD10,844,920 class C 'BBB+sf'; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The underlying collateral characteristics play a vital
role in the performance of a credit card ABS transaction. Fitch closely examines
such collateral characteristics as credit quality, seasoning, geographic
concentration, delinquencies and utilization rates.

Strong Collateral Performance Metric: As of April 2016, Golden Credit Card
Trust's (GCCT) collateral performance metrics were in line with the Fitch
indices. Charge-offs, 60+ day delinquencies and monthly payment rate have
remained relatively stable over the past 24 months. Gross yield has been robust
over the past two years.

Adequate Credit Enhancement (CE): The class A notes of series 2016-3 and 2016-4
benefit from 6.50% CE derived through the subordination of both class B and
class C notes and the cash reserve account.

The class B notes will benefit from 2.00% CE derived through the subordination
of class C notes and the cash reserve account.

The class C notes CE is based solely on the cash reserve account.

Quality Servicing Capabilities: Royal Bank of Canada (RBC) is an effective
servicer, as evidenced by historical delinquency and loss performance of
securitized receivables. Deterioration in the credit quality of RBC may affect
the performance of the collateral pool backing the notes.

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 monthly payment rate
(MPR); and 3) a combination stress of higher defaults and lower MPR.

The harshest stress scenario of a combined 75% increase to defaults and a 35%
reduction of MPR could lead to a two-notch downgrade for classes A and B. The
rest of the stress scenarios are unlikely to affect the ratings.

DUE DILIGENCE USAGE

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

Contacts:

Primary Analyst

Jenny Ovalle

Associate Director

+1-212-908-0849

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

Secondary Analyst

Harry Kohl

Director

+1-212-908-0837

Committee Chairperson

Herman Poon

Senior Director

+1-212-908-0847

Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email:
alyssa.castelli@fitchratings.com; Elizabeth Fogerty, New York, Tel: +1 (212) 908
0526, Email: elizabeth.fogerty@fitchratings.com.

Additional information is available at www.fitchratings.com

Applicable Criteria

Criteria for Interest Rate Stresses in Structured Finance Transactions and
Covered Bonds (pub. 19 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=838868

Exposure Draft: Counterparty Criteria for Structured Finance and Covered Bonds
(pub. 14 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878412

Global Credit Card ABS Rating Criteria (pub. 26 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867482

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

Golden Credit Card Trust - Series 2016-3 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=880257

Golden Credit Card Trust, Series 2016-4 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=880294

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr
_id=1003525

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1003525

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&det
ail=31

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