Correction: Fitch Rates $100MM MBNA CCMNT, MBNAseries Class C, 2002-5, 'BBB'.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 29, 2002 (this is an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. version of a press release issued earlier today, containing revised information on the dollar amount for the 2002-5 notes, which should be $100 million, not billion) Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of a 'BBB' rating to the $100 million class C notes issued by the MBNA MBNA Monument Builders of North America MBNA Mercedes-Benz North America MBNA Maryland Bank, National Association MBNA Maryland Bank North America MBNA Mount Baker Nurses Association (Bellingham, Washington) Credit Card Master Note Trust through the MBNAseries. The class C (2002-5) notes have a fixed-rate coupon of 4.05% payable monthly with an expected maturity date of Aug. 15, 2005. The MBNA Credit Card Master Note Trust is a Delaware statutory business trust that has been structured to allow maximum flexibility in issuance, as well as ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). eligibility for all classes of notes. The notes issued by MBNA Credit Card Master Note Trust are secured by a collateral certificate issued by MBNA Master Credit Card Trust II, as well as certain trust accounts held by the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. trustee and any applicable derivative agreements. The collateral certificate represents an undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the assets of MBNA Master Credit Card Trust II. MBNA Master Credit Card Trust II consists of receivables generated from Visa and MasterCard credit card accounts originated by MBNA America Bank, N.A.. MBNA America Bank, N.A. has transferred the receivables to MBNA Master Credit Card Trust II, with MBNA America Bank, N.A. acting as servicer. MBNA America Bank, N.A. will also be responsible for managing MBNA Credit Card Master Note Trust. The rating reflects the credit quality of the collateral certificate, which is based on the quality of the receivables that make up MBNA Master Credit Card Trust II, the required credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing , the servicing expertise of MBNA America Bank, N.A., and the transaction's sound legal and financial structures. MBNAseries is a multiple tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. series which consists of class A, class B and class 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 tranche series support the senior classes of that series. Although notes of a multiple tranche 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 tranche series, class A or class B 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 8.82353% of class B notes and 8.82353% of class C notes. The required subordinated amount for the issuance of class B notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class B notes, is 100% of class C notes. These subordination levels provide equivalent credit enhancement as a single tranche series. For historical trust performance on MBNA Master Credit Card Trust II please refer to Fitch Ratings Asset-Backed Surveillance available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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