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���������ֳ� - London - 20 Feb 2023: ���������ֳ� has affirmed NewDay Funding Master Issuer Plc's series VFN-F1 V2 notes and NewDay Partnership Funding's series VFN-P1 V2 notes following amendments. None of the trusts' other outstanding notes are affected by the amendments.

Transaction Summary

NewDay Partnership Funding's notes are collateralised by a pool of UK credit card, store card and instalment loan receivables originated by NewDay Ltd. The receivables arise under a number of retail agreements.

NewDay Funding's notes are collateralised by a pool of non-prime UK credit card receivables originated by NewDay Ltd.

Series VFN-P1 V2 and VFN-F1-V2 provide funding flexibility, which is necessary for credit card trusts.

KEY RATING DRIVERS

Increased Margins: The margins for the class A notes of NewDay Funding's VFN-F1 V2 and the class A, B and C notes for NewDay Partnership Funding's VFN-P1 V2 have increased. However, there have been no changes to the advance rates. The ratings of all classes of notes in both VFN series are unchanged. ���������ֳ� looks through to the maximum commitment amounts.

Asset Assumptions Unchanged: These rating actions only address the impact of the amendments to the structure, meaning that asset assumptions are unchanged. For NewDay Funding Master Issuer's VFN-F1 V2, ���������ֳ� maintains a steady-state charge-off rate of 18%, a steady-state monthly payment rate of 10% and a steady-state yield of 30% for the trust. For NewDay Partnership Funding VFN-P1 V2 ���������ֳ� maintains a steady-state charge off rate at 8%, steady-state monthly payment rate of 20% and steady-state yield of 22% for the trust.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

This section provides insight into the model-implied sensitivities the transactions face when one assumption is modified, while holding others equal. The modelling process uses the modification of these variables to reflect asset performance in upside and downside environments. The results below should only be considered as one potential outcome, as the transactions are exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance.

NewDay Funding VFN-F1 V2:

Rating sensitivity to increased charge-off rate:

Increase steady state by 25% / 50% / 75%

VFN-F1 V2 A: 'A-sf' / 'BBB+sf' / 'BBBsf'

VFN-F1 V2 E: 'B+sf' / 'Bsf' / N.A.

VFN-F1 V2 F: N.A. / N.A. / N.A.

Rating sensitivity to reduced monthly payment rate (MPR):

Reduce steady state by 15% / 25% / 35%

VFN-F1 V2 A: 'Asf' / 'A-sf' / 'BBB+sf'

VFN-F1 V2 E: 'BB-sf' / 'B+sf' / 'B+sf'

VFN-F1 V2 F: 'Bsf' / 'Bsf' / 'Bsf'

Rating sensitivity to reduced purchase rate:

Reduce steady state by 50% / 75% / 100%

VFN-F1 V2 A: 'A+sf' / 'A+sf' / 'A+sf'

VFN-F1 V2 E: 'BB-sf' / 'BB-sf' / 'B+sf'

VFN-F1 V2 F: 'B+sf' / 'Bsf' / 'Bsf'

Rating sensitivity to increased charge-off rate and reduced MPR:

Increase steady-state charge-offs by 25% / 50% / 75% and reduce steady-state MPR by 15% / 25% / 35%

VFN-F1 V2 A: 'BBB+sf' / 'BBB-sf' / 'BB-sf'

VFN-F1 V2 E: 'Bsf' / N.A. / N.A.

VFN-F1 V2 F: N.A. / N.A. / N.A.

NewDay Partnership Funding VFN-P1 V2

Rating sensitivity to increased charge-off rate:

Increase steady state by 25% / 50% / 75%

VFN-P1 V2 A: 'AA+sf' / 'AA+sf' / 'AAsf'

VFN-P1 V2 B: 'A+sf' / 'Asf' / 'A-sf'

VFN-P1 V2 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

VFN-P1 V2 D: 'BBBsf' / 'BBB-sf' / 'BB+sf'

VFN-P1 V2 E: 'BB+sf' / 'BBsf' / 'BBsf'

Rating sensitivity to reduced monthly payment rate (MPR):

Reduce steady state by 15% / 25% / 35%

VFN-P1 V2 A: 'AA+sf' / 'AA+sf' / 'AAsf'

VFN-P1 V2 B: 'A+sf' / 'Asf' / 'A-sf'

VFN-P1 V2 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

VFN-P1 V2 D: 'BBBsf' / 'BBB-sf' / 'BB+sf'

VFN-P1 V2 E: 'BBB-sf' / 'BB+sf' / 'BBsf'

Rating sensitivity to reduced purchase rate:

Reduce steady state by 50% / 75% / 100%

VFN-P1 V2 A: 'AAAsf' / 'AAAsf' / 'AAAsf'

VFN-P1 V2 B: 'AA-sf' / 'AA-sf' / 'A+sf'

VFN-P1 V2 C: 'BBB+sf' / 'BBB+sf' / 'BBBsf'

VFN-P1 V2 D: 'BBBsf' / 'BBBsf' / 'BBB-sf'

VFN-P1 V2 E: 'BBB-sf' / 'BBB-sf' / 'BB+sf'

Rating sensitivity to increased charge-off rate and reduced MPR:

Increase steady-state charge-offs by 25% / 50% / 75% and reduce steady-state MPR by 15% / 25% / 35%

VFN-P1 V2 A: 'AAsf' / 'A+sf' / 'A-sf'

VFN-P1 V2 B: 'Asf' / 'BBB+sf' / 'BBB-sf'

VFN-P1 V2 C: 'BBBsf' / 'BB+sf' / 'BB-sf'

VFN-P1 V2 D: 'BBB-sf' / 'BBsf' / 'B+sf'

VFN-P1 V2 E: 'BB+sf' / 'BB-sf' / 'Bsf'

Factors that could, individually or collectively, lead to positive rating action/upgrade:

NewDay Funding VFN-F1 V2:

Rating sensitivity to reduced charge-off rate:

Reduce steady state by 25%

VFN-F1 V2 A: 'AAsf'

VFN-F1 V2 E: 'BBB-sf'

VFN-F1 V2 F: 'BBsf'

NewDay Partnership Funding VFN-P1 V2

Rating sensitivity to reduced charge-off rate:

Reduce steady state by 25%

VFN-P1 V2 A: 'AAAsf'

VFN-P1 V2 B: 'AA+sf'

VFN-P1 V2 C: 'A+sf'

VFN-P1 V2 D: 'Asf'

VFN-P1 V2 E: 'BBB+sf'

Best/Worst Case Rating Scenario

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit /site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, ���������ֳ� in relation to this rating action.

DATA ADEQUACY

NewDay Funding Master Issuer Plc, NewDay Partnership Funding

���������ֳ� has not conducted any checks on the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. ���������ֳ� has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on ���������ֳ�'s ESG Relevance Scores, visit

Additional information is available on

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

• Global Credit Card Cash Flow Model, v1.12.0 (1)

ADDITIONAL DISCLOSURES

• Dodd-Frank Rating Information Disclosure Form
• Solicitation Status
• Endorsement Policy

ENDORSEMENT STATUS