Capital One Multi-asset Execution Trust Class A, 2004-4, Rated 'AAA' By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 10, 2004

Fitch assigns 'AAA' ratings to $400 million class A (2004-4) card series notes issued by the Capital One Multi-asset Execution Trust (COMET). The class A (2004-4) notes accrue interest at a rate equivalent to the one-month LIBOR plus 22 basis points (payable monthly), and have expected principal and legal maturity dates of May 15, 2014 and March 15, 2017, respectively.

The ratings are based on the strength of the Visa and MasterCard receivables pool, the available credit enhancement, the servicing expertise of Capital One Bank, and the transaction's sound legal and cash flow structures. The class A (2004-4) notes will receive payments of principal and interest pro rata with other class A's outstanding based on the stated principal amount of each outstanding series of notes in that tranche. Including the subject transaction, there are currently fifteen series of class A notes outstanding.

During October 2002, Capital One created a new issuance vehicle, the COMET Issuance Trust, from which Capital One issues credit card asset-backed securities. The notes issued by COMET Issuance Trust are secured by the collateral certificate, series 2002-CC issued by the Capital One Master Trust, the Collection Account and any other supplemental accounts in Asset Pool One, including the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account, the class C Reserve Account and the class D Reserve Account. The collateral certificate represents an undivided interest in the assets of the Capital One Master Trust.

The COMET card series is known as a 'multiple issuance series' that allows for the sale of a single note series, which is a typical credit card A/B/C structure, as well as a multiple note series. A multiple issuance series also consists of class A, B and C notes, with subclasses that may be offered independently and have differing terms, issuance dates and maturities. All of the subclasses of subordinated notes in a multiple issuance series support the senior classes of that series. Although notes of a multiple issuance series can be offered on any date, senior notes may only be offered to the extent the required subordinate amount is outstanding at that time, without regard to the expected maturity of the subordinated notes.

For a multiple issuance series, class A, B or C notes can be offered only to the extent that the required subordinated amount is outstanding. The required subordinated amount for the issuance of class A notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class A notes, is approximately 12.30769% of class B notes, 8.92308% of class C notes and 1.84615% of class D notes. These subordination levels provide equivalent credit enhancement as a single tranche series.

For a copy of the Capital One Multi-asset Execution Trust report or for historical trust performance on Capital One Master Trust, refer to Fitch Ratings Asset-Backed Surveillance available on the Fitch Ratings web site at 'www.fitchratings.com'.