S&P Global Ratings has assigned its 'AAA (sf)' credit rating to Oban Cards 2021-1 PLC's (Oban's) asset-backed floating-rate class A notes. At closing, Oban also issued unrated class D notes. The assets backing the notes comprise credit card receivables arising under designated VISA accounts originated by Vanquis Bank Ltd. (Vanquis) in the U.K. This is the first securitization of receivables originated by Vanquis that we have rated. Vanquis' business is focused on the near-prime and subprime credit card market, with interest rates on the accounts generally ranging from 24.7% to 59.9%. The securitization program is structured as a non-socialized master trust, meaning that finance charge (revenue) collections are allocated to each series on a pro rata basis. Each series' notes