Press Release|ABS
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KBRA Affirms and Withdraws Ratings on Newday Partnership EU Loan Note Issuer S.à r.l. Transaction

15 May 2026   |   London

Contacts

KBRA UK (KBRA) affirms its ratings on two classes of notes and withdraws its rating on one class of notes issued by NewDay Partnership EU Loan Note Issuer S.à. r.l., Series VFN-P3, Sub-Series V1 (VFN-P3, V1), a UK credit card ABS programme backed by receivables originated by NewDay Ltd. and serviced by NewDay Cards Ltd. The rating action reflects amendments to the capital structure, including revised credit enhancement levels, margin profiles and maturity terms. As part of these amendments, the Class E Notes in VFN-P3, V1 were reduced to zero and the related commitments were cancelled. Accordingly, KBRA has withdrawn its ratings on the Class E Notes. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the affirmed ratings. The data used for this review is as of the April 2026 distribution date (March 2026 collection period). To date, the securities have received timely interest payments

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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