UK credit cards downgraded on repayment revisions, Egg fined over PPI mis-selling

Subordinated tranches of credit card ABS took a battering this week as rating agencies downgraded several deals.

Meanwhile noteholders in Egg’s Pillar securitisations suffered further bad news when the Financial Services Authority ruled that the originator, now owned by Citigroup, had mis-sold payment protection insurance. Egg has been fined ...