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Canadian Credit Card Quality Index: Monthly Performance--September 2021

The table below shows the historical monthly performance of S&P Global Ratings' Canadian Credit Card Quality Index (CCQI) since January 2000.

The CCQI is a monthly performance index that aggregates performance information of securitized credit card receivables in the following key risk areas: receivables outstanding, yield, payment rate, charge-off rate, delinquencies, base rate, and excess spread rate. (See the Appendix for more information about the CCQI performance variables.)

For an overview of the sector, performance trends, and peer comparisons, see our credit card shelf review, "2021 U.S. And Canadian Credit Card ABS Review," published Jan. 29, 2021.

S&P Global Ratings' Canadian CCQI
Monthly summary
Month/year Outstanding amount (mil. C$) Yield (%) Charge-offs (%) Base rate (%)(i) Excess spread rate (%)(i) 30-plus-day delinq. rate (%) 60-plus-day delinq. rate (%) 90-plus-day delinq. rate (%) Total Payment rate (%) Canadian Unemployment rate (%)
Sep-21 43,699 24.1 1.5 2.5 20.1 1.3 0.8 0.5 54.5 6.9
Aug-21 43,390 24.9 1.6 2.6 20.8 1.3 0.8 0.5 59.1 7.1
Jul-21 42,904 24.4 1.6 2.5 20.3 1.3 0.8 0.5 57.0 7.5
Jun-21 42,247 25.1 1.8 2.6 20.6 1.3 0.8 0.5 57.3 7.8
May-21 41,814 24.3 2.0 2.5 19.8 1.3 0.9 0.6 55.3 8.2
Apr-21 41,470 24.5 2.1 2.7 19.6 1.5 1.0 0.6 53.3 8.1
Mar-21 41,581 25.2 2.1 2.7 20.4 1.6 1.0 0.7 56.2 7.5
Feb-21 41,016 23.9 2.5 3.0 18.4 1.7 1.1 0.7 44.3 8.2
Jan-21 41,382 22.5 1.7 2.7 18.0 1.8 1.1 0.7 46.6 9.4
Dec-20 44,358 23.6 1.8 3.3 18.7 1.6 1.0 0.6 54.9 8.6
Nov-20 45,942 24.5 1.8 3.4 19.3 1.5 0.9 0.6 51.2 8.5
Oct-20 44,733 23.5 1.9 3.4 18.2 1.4 0.8 0.5 50.1 8.9
Sep-20 45,509 23.6 2.2 3.8 17.6 1.3 0.8 0.5 49.7 9.0
Aug-20 46,111 23.2 2.3 3.4 17.5 1.3 0.8 0.5 48.0 10.2
Jul-20 47,744 23.6 2.4 3.6 17.6 1.5 0.9 0.6 48.6 10.9
Jun-20 47,942 24.4 2.5 3.2 18.7 1.7 1.1 0.7 48.2 12.3
May-20 45,604 22.8 2.9 3.3 16.6 2.1 1.2 0.8 39.9 13.7
Apr-20 45,403 22.2 3.6 3.0 15.6 3.0 1.4 0.8 39.6 13.0
Mar-20 47,751 22.4 3.4 3.4 15.6 2.4 1.4 0.9 43.7 7.8
Feb-20 50,503 23.3 3.1 4.0 16.2 2.2 1.3 0.8 39.6 5.6
Jan-20 50,516 23.1 3.0 3.5 16.6 2.1 1.3 0.8 45.1 5.5
Dec-19 52,713 23.8 3.0 3.5 17.3 2.0 1.2 0.7 50.2 5.6
Nov-19 52,181 23.8 3.2 3.7 16.9 2.0 1.2 0.7 43.9 5.9
Oct-19 51,377 23.5 3.0 3.3 17.2 2.0 1.2 0.7 47.4 5.5
Sep-19 52,356 23.7 3.1 3.7 17.0 1.9 1.2 0.7 45.0 5.5
Aug-19 51,993 23.3 2.9 3.7 16.8 1.9 1.1 0.7 45.2 5.7
Jul-19 51,726 24.0 3.2 3.5 17.4 1.9 1.1 0.7 49.9 5.7
Jun-19 52,089 23.0 3.0 3.6 16.4 1.9 1.1 0.7 43.4 5.5
May-19 51,774 24.2 3.1 3.6 17.6 1.8 1.2 0.7 48.2 5.4
Apr-19 51,356 24.4 3.2 3.8 17.4 2.0 1.2 0.7 46.6 5.7
Mar-19 49,922 23.2 3.1 3.2 16.9 2.1 1.3 0.8 42.8 5.7
Feb-19 50,037 23.6 3.0 4.1 16.4 2.1 1.3 0.8 38.4 5.8
Jan-19 50,292 23.0 2.7 3.4 16.9 2.0 1.2 0.7 44.8 5.8
Dec-18 52,836 23.0 2.7 3.3 17.0 1.9 1.1 0.7 46.2 5.6
Nov-18 52,328 24.2 2.9 3.6 17.7 1.8 1.1 0.7 45.6 5.6
Oct-18 51,221 24.0 2.8 3.3 18.0 1.9 1.1 0.7 49.2 5.8
Sep-18 51,489 23.0 2.6 3.5 16.9 2.0 1.2 0.7 42.0 5.9
Aug-18 51,412 23.4 2.9 3.4 17.2 1.9 1.1 0.7 47.0 6.0
Jul-18 50,497 23.7 2.8 3.1 17.8 1.9 1.2 0.7 48.7 5.8
Jun-18 50,774 23.4 2.9 3.4 17.1 1.9 1.1 0.7 45.1 5.8
May-18 50,569 23.8 3.0 3.2 17.6 1.9 1.2 0.8 48.3 5.8
Apr-18 50,087 23.8 3.1 3.5 17.2 2.1 1.3 0.8 44.7 5.8
Mar-18 49,164 22.8 3.0 2.9 16.9 2.2 1.3 0.9 42.9 5.8
Feb-18 49,090 23.4 3.0 3.6 16.8 2.3 1.4 0.9 39.0 5.9
Jan-18 49,367 23.2 2.9 3.0 17.4 2.2 1.3 0.8 47.3 5.9
Dec-17 51,582 22.7 2.7 2.9 17.2 2.2 1.3 0.8 44.9 5.7
Nov-17 51,284 24.1 3.0 3.2 18.0 2.1 1.2 0.8 46.0 5.9
Oct-17 49,971 23.5 2.8 2.8 17.9 2.1 1.3 0.8 47.6 6.3
Sep-17 50,170 23.1 2.7 3.1 17.3 2.1 1.3 0.8 43.2 6.2
Aug-17 50,196 23.1 2.9 3.0 17.3 2.1 1.2 0.8 46.8 6.2
Jul-17 50,384 22.8 2.8 2.8 17.3 2.0 1.2 0.8 45.3 6.3
Jun-17 50,320 23.6 3.1 3.2 17.4 2.0 1.2 0.8 45.9 6.5
May-17 49,962 23.9 3.1 3.0 17.8 2.0 1.3 0.8 49.5 6.6
Apr-17 49,111 22.5 3.3 3.2 16.0 2.2 1.4 0.9 39.8 6.5
Mar-17 48,079 22.9 3.3 2.8 16.8 2.3 1.4 0.9 44.8 6.7
Feb-17 48,520 23.0 3.4 3.5 16.1 2.4 1.5 0.9 38.4 6.6
Jan-17 48,315 22.7 3.3 2.7 16.7 2.4 1.4 0.9 44.4 6.8
Dec-16 50,471 22.9 3.1 3.4 16.5 2.3 1.4 0.9 45.0 6.9
Nov-16 50,066 23.7 3.2 3.5 17.0 2.2 1.3 0.8 45.0 6.8
Oct-16 49,543 23.0 2.9 3.0 17.1 2.2 1.3 0.9 43.6 7.0
Sep-16 49,513 23.5 3.2 2.9 17.2 2.2 1.3 0.8 43.9 7.0
Aug-16 49,428 23.5 3.1 3.0 17.5 2.2 1.3 0.8 47.1 7.0
Jul-16 49,093 22.8 3.1 2.9 16.8 2.3 1.3 0.8 43.6 6.9
Jun-16 48,997 23.3 3.5 3.1 16.7 2.2 1.3 0.8 45.4 6.8
May-16 43,821 23.4 3.2 3.0 17.3 2.0 1.3 0.8 47.2 6.9
Apr-16 35,377 23.3 3.5 3.9 15.9 2.3 1.4 0.9 40.5 7.1
Mar-16 34,734 22.6 3.5 3.2 15.9 2.4 1.4 0.9 42.1 7.1
Feb-16 34,979 23.3 3.5 3.7 16.1 2.4 1.4 0.9 39.3 7.3
Jan-16 35,098 22.1 3.1 3.0 16.0 2.4 1.4 0.9 39.8 7.2
Dec-15 36,666 24.3 3.1 3.4 17.7 2.2 1.3 0.8 48.9 7.1
Nov-15 34,786 23.8 3.1 3.8 16.9 2.2 1.3 0.8 42.5 7.0
Oct-15 33,828 22.9 3.0 3.1 16.8 2.2 1.3 0.8 42.5 7.0
Sep-15 34,172 23.0 2.9 3.5 16.6 2.1 1.2 0.7 42.6 7.1
Aug-15 34,423 22.8 3.0 3.6 16.2 2.1 1.2 0.7 41.7 7.0
Jul-15 33,867 23.0 3.0 3.6 16.4 2.0 1.2 0.7 44.8 6.8
Jun-15 34,276 23.3 3.2 3.8 16.2 2.0 1.2 0.7 45.2 6.8
May-15 33,923 22.3 3.2 3.4 15.7 2.1 1.3 0.8 41.2 6.8
Apr-15 33,603 22.8 3.4 3.9 15.5 2.2 1.3 0.8 40.1 6.8
Mar-15 33,106 23.2 3.5 3.3 16.4 2.3 1.4 0.9 42.8 6.8
Feb-15 33,310 22.9 3.5 4.0 15.4 2.5 1.4 0.9 36.9 6.8
Jan-15 33,473 22.0 3.2 3.2 15.6 2.4 1.4 0.9 39.4 6.6
Dec-14 34,889 23.4 3.1 3.6 16.7 2.3 1.3 0.8 46.5 6.7
Nov-14 34,533 22.8 3.0 3.8 15.9 2.3 1.3 0.8 38.4 6.7
Oct-14 34,083 22.9 3.2 3.5 16.2 2.2 1.3 0.9 43.2 6.6
Sep-14 34,490 23.2 3.0 3.8 16.4 2.3 1.4 0.9 43.1 6.9
Aug-14 34,486 22.5 3.1 3.8 15.6 2.4 1.3 0.8 39.5 7.0
Jul-14 34,156 22.8 3.0 3.8 15.9 2.3 1.3 0.8 43.7 7.0
Jun-14 34,770 23.3 3.7 4.0 15.6 2.2 1.3 0.8 41.6 7.0
May-14 34,250 23.0 3.5 3.7 15.7 2.2 1.3 0.8 41.2 7.0
Apr-14 35,553 21.9 3.6 3.8 14.5 2.4 1.4 0.9 38.2 7.0
Mar-14 35,134 21.8 3.4 3.4 14.9 2.5 1.5 0.9 38.7 7.0
Feb-14 35,287 23.1 3.5 4.2 15.5 2.6 1.5 0.9 36.1 7.1
Jan-14 33,958 21.6 3.4 3.3 14.8 2.5 1.5 0.9 38.6 7.0
Dec-13 35,380 22.4 3.2 3.7 15.5 2.4 1.4 0.9 41.3 7.2
Nov-13 34,712 22.2 3.5 3.7 15.0 2.3 1.4 0.8 37.1 7.0
Oct-13 37,427 22.1 3.1 3.7 15.3 2.3 1.3 0.8 41.4 7.0
Sep-13 38,098 22.3 3.3 3.8 15.2 2.3 1.3 0.8 38.8 7.0
Aug-13 37,950 22.3 3.4 3.8 15.1 2.2 1.3 0.8 39.2 7.1
Jul-13 37,521 22.6 3.3 3.6 15.6 2.1 1.3 0.8 43.3 7.1
Jun-13 38,012 21.9 3.6 3.8 14.4 2.2 1.3 0.8 37.1 7.1
May-13 37,722 22.5 3.7 3.7 15.1 2.1 1.3 0.9 41.4 7.0
Apr-13 37,234 22.8 3.6 4.5 14.6 2.4 1.4 0.9 40.7 7.1
Mar-13 36,823 21.4 3.7 3.9 13.8 2.6 1.5 1.0 36.2 7.3
Feb-13 37,149 22.4 3.9 4.8 13.6 2.7 1.6 1.0 33.7 7.1
Jan-13 37,310 21.6 3.6 3.9 14.1 2.6 1.5 1.0 39.5 7.0
Dec-12 39,243 21.7 3.7 4.0 14.1 2.5 1.5 0.9 39.0 7.2
Nov-12 38,567 22.5 3.8 4.4 14.4 2.4 1.4 0.9 38.8 7.2
Oct-12 38,112 22.3 3.7 4.2 14.4 2.5 1.4 0.9 42.0 7.4
Sep-12 38,651 21.6 4.0 4.3 13.4 2.5 1.5 0.9 35.5 7.3
Aug-12 38,573 22.0 3.8 4.3 13.9 2.4 1.4 0.9 39.9 7.2
Jul-12 38,267 21.9 3.8 4.3 13.8 2.4 1.5 0.9 41.0 7.3
Jun-12 38,721 21.8 4.2 4.7 12.9 2.4 1.5 1.0 38.4 7.2
May-12 38,284 21.3 4.5 4.7 12.2 2.6 1.6 1.0 38.6 7.4
Apr-12 38,208 21.5 4.4 4.9 12.1 2.7 1.7 1.1 34.4 7.3
Mar-12 37,678 21.2 4.5 4.6 12.1 2.8 1.7 1.1 35.5 7.3
Feb-12 37,881 21.7 4.3 5.1 12.3 2.9 1.8 1.2 32.9 7.5
Jan-12 38,337 20.7 4.3 4.3 12.1 3.0 1.8 1.2 36.3 7.6
Dec-11 40,093 21.3 4.2 4.7 12.3 2.9 1.7 1.1 37.1 7.4
Nov-11 39,414 21.9 4.3 5.0 12.5 2.8 1.7 1.1 36.5 7.5
Oct-11 39,322 21.0 4.3 4.6 12.1 2.8 1.7 1.1 35.1 7.4
Sep-11 39,257 21.5 4.3 4.8 12.4 2.9 1.7 1.1 35.5 7.4
Aug-11 39,292 21.6 4.2 4.9 12.5 2.9 1.7 1.1 37.7 7.3
Jul-11 39,252 21.2 4.4 4.7 12.1 2.9 1.7 1.1 35.3 7.3
Jun-11 39,899 21.4 5.0 4.9 11.5 2.8 1.7 1.1 35.3 7.5
May-11 39,622 21.2 4.6 4.6 12.0 2.8 1.7 1.1 36.7 7.5
Apr-11 39,593 21.0 4.8 4.9 11.3 2.9 1.8 1.2 31.5 7.6
Mar-11 39,032 21.0 4.7 4.9 11.4 3.0 1.9 1.2 35.1 7.7
Feb-11 40,886 21.2 5.0 5.7 10.4 3.3 2.0 1.3 29.1 7.7
Jan-11 41,321 19.9 4.9 4.6 10.3 3.2 2.0 1.3 32.0 7.7
Dec-10 42,922 21.0 4.9 - - 3.1 1.9 1.2 35.3 7.6
Nov-10 42,221 21.5 5.0 - - 3.1 1.8 1.2 34.6 7.6
Oct-10 41,845 20.5 4.8 - - 3.1 1.9 1.2 32.2 7.8
Sep-10 42,257 20.4 4.9 - - 3.1 1.9 1.2 32.4 8.1
Aug-10 42,325 21.3 5.0 - - 3.0 1.9 1.2 33.3 8.1
Jul-10 42,020 20.8 5.2 - - 3.1 1.9 1.2 32.9 8.1
Jun-10 42,230 21.3 5.5 - - 3.0 1.9 1.3 33.5 7.9
May-10 42,435 20.8 5.5 - - 3.1 2.0 1.3 32.5 8.0
Apr-10 42,624 21.2 5.9 - - 3.2 2.0 1.3 30.4 8.1
Mar-10 41,991 21.0 5.8 - - 3.4 2.1 1.4 33.4 8.2
Feb-10 42,439 21.1 6.1 - - 3.5 2.2 1.4 27.8 8.2
Jan-10 43,089 20.1 5.8 - - 3.4 2.1 1.4 29.9 8.3
Dec-09 44,567 21.1 5.9 - - 3.2 2.0 1.3 33.3 8.5
Nov-09 43,801 21.2 6.1 - - 3.2 2.0 1.3 31.1 8.4
Oct-09 43,420 20.4 6.1 - - 3.2 2.0 1.3 31.6 8.3
Sep-09 43,598 20.0 6.0 - - 3.3 2.0 1.3 31.2 8.3
Aug-09 43,729 19.8 6.0 - - 3.2 2.0 1.3 30.2 8.7
Jul-09 43,283 19.7 6.0 - - 3.1 2.0 1.3 32.6 8.6
Jun-09 43,548 18.9 6.1 - - 3.1 2.0 1.3 32.8 8.6
May-09 43,265 17.9 6.1 - - 3.2 2.0 1.3 29.9 8.5
Apr-09 43,027 18.6 5.6 - - 2.7 1.7 1.1 29.2 8.2
Mar-09 42,658 18.7 5.2 - - 2.7 1.7 1.1 31.3 8.1
Feb-09 43,142 18.4 4.9 - - 2.7 1.7 1.1 26.7 8.0
Jan-09 43,393 17.9 4.5 - - 2.6 1.5 1.0 30.1 7.3
Dec-08 44,961 18.3 4.3 - - 2.4 1.4 0.9 33.8 6.8
Nov-08 44,436 18.0 4.3 - - 2.2 1.3 0.9 29.4 6.4
Oct-08 43,823 18.1 3.8 - - 2.2 1.3 0.8 33.8 6.1
Sep-08 44,131 18.3 3.7 - - 2.1 1.2 0.8 33.9 6.2
Aug-08 43,723 17.7 3.7 - - 2.1 1.2 0.8 31.0 6.1
Jul-08 43,110 18.0 3.6 - - 2.0 1.2 0.8 34.8 6.1
Jun-08 43,291 17.9 3.7 - - 2.0 1.1 0.7 33.4 6.0
May-08 42,943 17.5 3.6 - - 1.9 1.1 0.7 33.2 6.1
Apr-08 41,966 18.3 3.6 - - 1.9 1.1 0.7 32.3 6.1
Mar-08 41,418 17.7 3.6 - - 2.0 1.1 0.7 31.0 6.1
Feb-08 41,051 18.2 3.6 - - 2.0 1.1 0.7 29.0 5.9
Jan-08 41,170 18.1 3.3 - - 2.0 1.1 0.7 33.8 5.9
Dec-07 42,757 17.3 3.2 - - 1.9 1.0 0.7 33.0 6.0
Nov-07 41,435 18.2 3.3 - - 1.8 1.0 0.7 33.3 6.0
Oct-07 40,549 18.0 3.1 - - 1.8 1.0 0.7 36.3 5.9
Sep-07 40,667 17.7 3.4 - - 1.9 1.0 0.7 30.6 5.9
Aug-07 40,267 18.1 3.3 - - 1.3 0.7 0.5 34.5 6.0
Jul-07 39,709 18.0 3.2 - - 1.3 0.7 0.4 35.8 6.1
Jun-07 39,812 17.6 3.4 - - 1.3 0.7 0.4 33.1 6.1
May-07 39,285 17.9 3.5 - - 1.2 0.7 0.4 35.6 6.0
Apr-07 38,750 18.0 3.5 - - 1.3 0.7 0.5 31.5 6.1
Mar-07 37,992 18.0 3.6 - - 1.3 0.7 0.5 32.9 6.1
Feb-07 38,082 18.1 3.3 - - 1.3 0.7 0.4 29.3 6.2
Jan-07 38,224 18.1 3.5 - - 1.3 0.7 0.4 35.1 6.3
Dec-06 39,364 17.4 3.3 - - 1.3 0.7 0.4 33.0 6.1
Nov-06 38,013 18.2 3.5 - - 1.2 0.7 0.4 33.5 6.3
Oct-06 36,925 18.1 3.1 - - 1.3 0.7 0.4 35.8 6.2
Sep-06 37,132 17.7 3.1 - - 1.3 0.7 0.4 32.4 6.4
Aug-06 36,893 18.1 3.2 - - 1.3 0.7 0.4 35.0 6.4
Jul-06 36,279 17.4 3.2 - - 1.3 0.7 0.4 34.0 6.3
Jun-06 36,235 17.7 3.4 - - 1.2 0.6 0.4 34.8 6.1
May-06 35,995 17.8 3.3 - - 1.2 0.6 0.4 36.8 6.1
Apr-06 35,501 17.1 3.6 - - 1.3 0.7 0.4 29.6 6.3
Mar-06 34,710 18.0 3.4 - - 1.3 0.7 0.4 34.8 6.4
Feb-06 33,723 17.9 3.7 - - 1.4 0.7 0.5 29.4 6.4
Jan-06 33,824 17.4 3.4 - - 1.4 0.7 0.5 34.3 6.6
Dec-05 35,009 18.8 3.8 - - 1.4 0.7 0.4 38.9 6.6
Nov-05 31,131 16.7 3.6 - - 1.3 0.7 0.4 33.1 6.3
Oct-05 23,381 17.3 3.7 - - 1.3 0.7 0.4 34.2 6.7
Sep-05 23,031 17.3 3.8 - - 1.3 0.7 0.4 34.2 6.7
Aug-05 22,960 18.3 3.8 - - 1.2 0.7 0.4 36.4 6.7
Jul-05 22,700 17.0 3.8 - - 1.3 0.7 0.4 33.3 6.6
Jun-05 22,685 17.8 4.3 - - 1.2 0.6 0.4 35.4 6.8
May-05 22,479 18.4 4.0 - - 1.2 0.7 0.4 36.1 6.9
Apr-05 22,321 17.2 4.1 - - 1.3 0.7 0.4 31.8 6.8
Mar-05 22,056 17.9 3.8 - - 1.4 0.7 0.4 34.8 6.9
Feb-05 22,208 17.9 3.8 - - 1.4 0.7 0.4 29.7 7.1
Jan-05 22,366 16.8 3.8 - - 1.3 0.7 0.4 32.6 7.0
Dec-04 23,187 17.1 3.8 - - 0.8 0.4 0.2 35.6 7.1
Nov-04 22,569 18.0 3.8 - - 0.8 0.4 0.2 35.0 7.2
Oct-04 22,359 17.0 3.7 - - 0.9 0.4 0.2 34.5 7.1
Sep-04 12,343 17.8 3.8 - - 1.6 0.8 0.4 25.3 7.0
Aug-04 12,019 18.2 3.8 - - 1.5 0.8 0.4 26.0 7.0
Jul-04 11,998 17.3 3.9 - - 1.6 0.8 0.4 25.5 7.0
Jun-04 11,999 17.6 4.2 - - 1.5 0.7 0.4 26.0 7.3
May-04 11,923 17.7 4.1 - - 1.5 0.7 0.4 25.4 7.2
Apr-04 11,870 17.7 3.9 - - 1.5 0.8 0.4 24.1 7.2
Mar-04 11,601 18.5 3.7 - - 1.5 0.8 0.4 25.9 7.3
Feb-04 11,786 16.4 3.8 - - 1.7 0.8 0.4 22.0 7.4
Jan-04 11,819 17.0 3.7 - - 1.5 0.8 0.4 24.5 7.3
Dec-03 12,184 17.6 3.5 - - 1.4 0.7 0.3 26.5 7.3
Nov-03 11,701 17.3 3.7 - - 1.4 0.7 0.3 22.5 7.4
Oct-03 11,565 17.4 3.4 - - 1.4 0.7 0.3 25.7 7.5
Sep-03 11,326 17.9 3.6 - - 1.5 0.7 0.3 25.4 7.9
Aug-03 11,030 16.8 3.5 - - 1.8 1.0 0.7 23.3 7.8
Jul-03 10,862 17.5 3.7 - - 1.8 1.1 0.7 26.0 7.7
Jun-03 10,983 17.2 4.0 - - 1.8 1.1 0.8 25.9 7.7
May-03 10,610 17.4 3.9 - - 1.9 1.2 0.8 24.8 7.9
Apr-03 10,602 17.2 3.9 - - 1.5 0.7 0.4 24.3 7.6
Mar-03 9,886 17.3 3.7 - - 1.7 0.8 0.4 24.7 7.4
Feb-03 9,860 16.9 3.9 - - 1.8 0.8 0.4 22.4 7.4
Jan-03 9,974 17.3 3.4 - - 1.7 0.8 0.4 26.1 7.4
Dec-02 10,297 16.6 2.7 - - 1.6 0.7 0.4 24.6 7.5
Nov-02 9,902 16.9 3.0 - - 1.5 0.7 0.3 24.3 7.4
Oct-02 9,765 17.3 3.0 - - 1.5 0.7 0.3 26.5 7.5
Sep-02 9,713 16.5 2.8 - - 1.6 0.7 0.3 24.8 7.5
Aug-02 9,374 16.4 2.9 - - 1.5 0.7 0.3 25.6 7.5
Jul-02 9,253 17.3 3.1 - - 1.4 0.6 0.3 28.4 7.7
Jun-02 9,123 17.5 3.4 - - 1.5 0.6 0.3 25.3 7.6
May-02 8,968 17.1 3.4 - - 1.4 0.6 0.3 28.2 7.8
Apr-02 8,863 21.7 2.5 - - 1.5 0.7 0.3 27.3 7.7
Mar-02 8,740 16.0 3.3 - - 1.7 0.7 0.4 24.6 7.9
Feb-02 8,220 16.2 3.2 - - 1.8 0.8 0.4 24.0 7.9
Jan-02 8,329 17.2 3.3 - - 1.7 0.8 0.4 28.8 8.0
Dec-01 8,666 15.9 2.9 - - 1.7 0.7 0.4 26.9 8.0
Nov-01 8,342 17.2 3.0 - - 1.6 0.8 0.3 27.3 7.7
Oct-01 8,073 17.7 2.9 - - 1.8 0.8 0.4 28.5 7.5
Sep-01 8,064 16.2 2.9 - - 1.8 0.8 0.4 24.2 7.3
Aug-01 8,016 17.3 2.7 - - 1.7 0.7 0.4 28.0 7.2
Jul-01 7,875 17.4 2.8 - - 1.8 0.7 0.3 29.1 7.2
Jun-01 7,841 16.6 2.8 - - 1.8 0.7 0.4 27.9 7.2
May-01 7,715 17.4 2.7 - - 1.8 0.8 0.4 30.1 7.0
Apr-01 7,557 16.7 2.7 - - 2.0 0.8 0.4 26.8 7.1
Mar-01 7,503 16.7 2.6 - - 1.9 0.8 0.4 28.9 7.1
Feb-01 7,357 16.1 2.6 - - 2.0 0.8 0.4 26.1 7.0
Jan-01 7,486 16.7 2.4 - - 1.9 0.8 0.4 31.1 6.9
Dec-00 6,692 14.5 2.9 - - 2.1 0.8 0.3 30.4 6.8
Nov-00 6,398 16.0 2.0 - - 2.1 0.9 0.4 31.8 6.9
Oct-00 6,249 15.4 1.9 - - 2.1 0.8 0.4 32.8 7.0
Sep-00 3,875 17.2 2.0 - - 2.3 1.0 0.4 28.0 6.9
Aug-00 3,823 17.1 2.5 - - 2.1 0.9 0.4 30.9 7.0
Jul-00 3,755 16.8 2.1 - - 2.1 0.9 0.4 29.7 6.8
Jun-00 3,737 16.7 2.6 - - 2.0 0.9 0.4 31.2 6.7
May-00 3,814 18.2 2.1 - - 2.1 1.0 0.4 32.8 6.6
Apr-00 3,659 15.1 1.5 - - 2.3 1.0 0.5 26.2 6.7
Mar-00 3,272 16.8 2.3 - - 2.4 1.1 0.5 32.1 6.9
Feb-00 3,276 17.9 2.5 - - 2.6 1.2 0.5 28.8 6.9
Jan-00 3,192 16.0 2.3 - - 2.7 1.1 0.5 30.2 6.8
(i)The base rate and spread rate during 2000-2010 are not calculated because we do not have sufficient data to derive index-level numbers. Sources: S&P Global Ratings, issuer regulatory filings, and Statistics Canada.

Appendix: CCQI Performance Variables

We determine each master trust's weighting by dividing its outstanding eligible principal receivables by the total outstanding eligible principal receivables for all trusts included in the index. We then determine the CCQI weighted average performance variables by adding the result of each master trust's variables multiplied by each master trust's respective weighting.

Receivables outstanding

The aggregate outstanding eligible principal receivables of credit card accounts backing each master trust at the end of the collection period.

Yield

The weighted average total trust income for the collection period, as a percentage of eligible principal receivables (annualized).

Total payment rate

The weighted average total monthly collections (obligor principal and finance charge payments), as a percentage of the total outstanding amounts.

Charge-off rate

The weighted average losses on principal receivables for the collection period, as a percentage of eligible principal receivables (annualized).

Delinquencies

The weighted average past-due amount for the collection period, as a percentage of the current month's eligible principal receivables.

Base rate

The weighted average cost of funding (the sum of the certificate rate on a securitization and the corresponding transaction servicing fee) for the collection period.

Excess spread rate

The weighted average surplus of cash inflow for the collection period (yield minus charge-offs minus the base rate).

The analysts would like to thank Trilochana Mohanty for her analytical contributions to this report.

This report does not constitute a rating action.

Primary Credit Analyst:Sanjay Narine, CFA, Toronto + 1 (416) 507-2548;
sanjay.narine@spglobal.com
Secondary Contacts:Paul Parys, Centennial + 1 (303) 827-9400;
paul.parys@spglobal.com
Kelly R Luo, New York + 1 (212) 438-2535;
kelly.luo@spglobal.com
Analytical Manager:Kate R Scanlin, New York + 1 (212) 438-2002;
kate.scanlin@spglobal.com

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