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Moody's Expects More Deterioration in U.K. Cards

November 11, 2008

Moody's Investors Service reported in its U.K. credit card index report for September 2008 that the U.K. credit card ABS sector will witness deterioration over the next coming months despite relatively stable credit card indicators reported in September 2008.

"In light of the recent increase in delinquencies, Moody's expects a further rise in delinquencies and subsequent charge-offs over the coming months, albeit the magnitude of the increase is difficult to predict" said Elise Lucotte and Virginie Marraud des Grottes, analysts at Moody's and co-authors of the report.

Moody's further noted a significant increase in insolvencies and said that customers' future behavior in the current environment remains uncertain.

As a result, Moody's continues to have a negative outlook on the U.K. credit card sector.  

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