OREANDA-NEWS. Fitch Ratings has affirmed Barclays Dryrock Issuance Trust's long-term ratings. The Rating Outlook remains Stable. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation is based on continued positive trust performance and robust breakeven multiples in line with expectations. The Stable Outlook indicates that Fitch expects the ratings to remain stable for the next one to two years.

Gross chargeoffs have remained relatively stable in the past year. Currently, the 12-month average is 3.20%, slightly up from 3.16% as of August 2014. As of the August 2015 distribution period, the 12-month average 60+ day delinquencies were 1.35% compared to the 12-month average of 1.33% at this point last year. Fitch expects chargeoff levels to remain stable in the near term given the high quality of the credit card portfolio.

Gross yield has decreased slightly with the current 12-month average at 18.64% as of the August 2015 distribution period, slightly lower than 12-month average of the previous year.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their debt, has decreased slightly in the past year. Currently the 12-month average is 26.34%, down from 27.40% at the August 2015 distribution period.

Fitch runs cash flow breakeven analysis by applying stress scenarios to three-, six-, and 12-month performance averages to evaluate the breakeven loss multiples at different rating levels. The performance variables that Fitch stresses are the gross yield, monthly payment rate, gross charge-off, and purchase rates.

Fitch's analysis included a comparison of observed performance trends over the past few months to Fitch's base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

RATING SENSITIVITIES

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults, 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower monthly payment rate (MPR).

Increasing defaults alone has no impact on rating migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a reduction in purchase rate also leads to no impact in rating migration even in the most severe scenario of a 100% reduction in purchase rate. The harshest scenario assumes that an increase in defaults and reduction in MPR occur simultaneously. In this scenario, the ratings could be downgraded under the severe stress of a 75% increase in defaults and 35% reduction in MPR. To date, the transactions have exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of Fitch's sensitivity analysis, please see the new issue report related to the transaction listed below.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

Barclays Dryrock Issuance Trust, Series 2014-3:
--Class A notes at 'AAAsf'; Outlook Stable;
--Class B notes at 'NR';

Barclays Dryrock Issuance Trust, Series 2014-4:
--Class A notes at 'AAAsf'; Outlook Stable;
--Class B notes at 'NR';

Barclays Dryrock Issuance Trust, Series 2014-5:
--Class A notes at 'AAAsf'; Outlook Stable;
--Class B notes at 'NR';

Barclays Dryrock Issuance Trust, Series 2015-1:
--Class A notes at 'AAAsf'; Outlook Stable;
--Class B notes at 'NR';

Barclays Dryrock Issuance Trust, Series 2015-2:
--Class A notes at 'AAAsf'; Outlook Stable;
--Class B notes at 'NR'.