KBRA UK (KBRA) assigns preliminary ratings to five classes of notes to be issued under the Oban master trust structure, a UK credit card ABS programme backed by receivables originated and serviced by Vanquis Bank Limited (Vanquis Bank, the Company or the Servicer). The issuance relates to Series 2026-1 (the Series), which will be issued by Oban Cards 2026-1 plc. Credit enhancement for the rated notes consists primarily of subordination of junior note classes, excess spread generated by the receivables and a liquidity reserve. The transaction also includes a minimum transferor interest of 0.75%, which provides structural protection against dilution risk.

Vanquis Bank is a UK specialist bank active in consumer lending in the United Kingdom. Its products include credit cards, vehicle finance and second charge mortgages, together with retail deposit products. Credit cards remain its largest business line by receivables balance, with gross customer interest-earning balances of approximately £1.5 billion as of year-end 2025.

The Series includes a revolving period of up to three years, which may be extended by up to 12 months in accordance with the transaction documents. During the revolving period, principal collections will generally be applied to purchase additional eligible receivables, unless a series pay-out event occurs, and no principal payments will be made on the notes. Following the revolving period, the transaction will enter a controlled accumulation period during which principal collections will be retained to fund repayment of the notes.

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Methodologies

• ABS: Credit Card ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology

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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Contact

Analytical Contacts

Irfan Surti, Associate Director (Lead Analyst)
+44 20 8148 1079
irfan.surti@kbra.com

Killian Walsh, Managing Director
+353 1 588 1184
killian.walsh@kbra.com

Christopher Noonan, Associate Director
+353 1 588 1225
christopher.noonan@kbra.com

John Hogan, Co-Head of Europe (Rating Committee Chair)
+353 1 588 1191
john.hogan@kbra.com

Business Development Contacts

Miten Amin, Managing Director
+44 20 8148 1002
miten.amin@kbra.com

Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
mauricio.noe@kbra.com