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(Standard & Poor's Inc., the other big ratings agency, stopped following National Century's bonds in 1995 because "we didn't think there was adequate infrastructure to keep on top of the pool" of receivables, said Ted Burbage, a managing director in S.& P.'s structured finance group).
The securities are rated AAA because the issuing bank will absorb defaults on the pool of receivables.
As soon as MBNA auctions off a pool of receivables it books as revenue the discounted present value of future servicing profits from that portfolio.
Similar(57)
The asset-backed securities in question, which were sold in 1998, were interests in pools of receivables — in this case, simple financial contracts that customers of Heilig-Meyers signed when they bought furnishings and agreed to pay for them over time.
A receivables management firm offers an "A to Z of receivables management".
Its consumer-credit company booked a profit of €70m representing an acceleration of future interest from a securitisation of receivables.
Auditors are supposed to do spot checks of receivables.
Also include an aging schedule of receivables and payables.
Its reserve is $4.5 billion, or 1.06% of receivables.
Credit card delinquencies surge to 7% of receivables.
Exhibit A: The company reduced its estimate on how much of accounts receivable won't be paid, from 6.6% of receivables to 2.2%.
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