S&P Global Ratings has assigned its credit ratings to London Cards No.2 PLC's asset-backed floating-rate class A, B, C, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes. The class X-Dfrd notes are excess spread notes. The proceeds from the class X-Dfrd notes are used in part to fund the initial reserve fund. At closing, London Cards No. 2 also issued unrated class G-Dfrd and Z VFN notes.