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Canadian Credit Card Quality Index: Monthly Performance--January 2023

The table below shows the historical monthly performance of S&P Global Ratings' Canadian Credit Card Quality Index (CCQI) for the past 12 months.

For the full dataset, see our extended table: Click here

The CCQI is a monthly performance index that aggregates performance information of securitized credit card receivables in 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 review commentary, "U.S. And Canada Credit Cards ABS Review," published Feb. 23, 2023.

S&P Global Ratings' Credit Card Quality Index (CCQI)--Canadian Credit Card
12-month 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 (%)
Jan-23 54,100 25.99 2.03 4.12 19.84 1.57 0.97 0.62 61.15 5.0
Dec-22 56,235 25.44 1.93 3.86 19.65 1.49 0.92 0.58 62.15 5.0
Nov-22 56,453 27.23 2.06 3.80 21.37 1.42 0.88 0.54 64.88 5.1
Oct-22 53,580 30.29 1.84 3.75 24.70 1.43 0.86 0.54 73.25 5.1
Sep-22 46,579 24.87 1.92 3.54 19.41 1.51 0.92 0.58 56.07 5.2
Aug-22 46,092 25.98 1.84 3.15 20.99 1.44 0.88 0.55 63.98 5.4
Jul-22 45,566 24.54 1.81 2.71 20.02 1.42 0.87 0.53 59.07 4.9
Jun-22 45,859 25.69 1.97 2.74 20.98 1.35 0.82 0.54 62.59 4.9
May-22 45,521 26.04 1.82 2.38 21.84 1.31 0.85 0.56 65.50 5.1
Apr-22 44,042 25.20 1.79 2.47 20.93 1.41 0.91 0.59 57.36 5.2
Mar-22 43,095 25.77 1.74 2.56 21.48 1.46 0.92 0.60 61.45 5.3
Feb-22 42,819 25.17 1.82 2.83 20.51 1.54 0.97 0.61 49.89 5.5

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.


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).


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 Karuna Pradhan for their analytical contributions to this report.

This report does not constitute a rating action.

Primary Credit Analyst:Sanjay Narine, CFA, Toronto + 1 (416) 507 2548;
Secondary Contacts:Paul Parys, Englewood + 1 (303) 827 9400;
Kelly R Luo, New York + 1 (212) 438 2535;
Analytical Manager:Kate R Scanlin, New York + 1 (212) 438 2002;

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