TEXT-S&P: Canadian charge-offs up in Sept. as payment rates fell
Nov 8 - Growth in the Canadian economy has slowed, and the unemployment rate increased to 7.4% in September from 7.3% in August, said an article published today by Standard & Poor's Ratings Services, titled "Canadian Credit Card Quality Index Report: Charge-Offs Increased As Payment Rates Declined In September 2012." "We have observed that the performance improvement of Canadian credit card receivables has also slowed," said Standard & Poor's credit analyst Matthew Mitchell. "The Canadian Credit Card Quality Index charge-off rate increased to 3.9% in September from 3.8% in August," said Mr. Mitchell. "The payment rates declined to 33.2% from 37.2% in August, and yield and excess spread declined to 19.9% and 11.7%, respectively, from 21.3% and 13.3% the previous month." The report is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to firstname.lastname@example.org. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com.
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