DUFF & PHELPS: MBNA MASTER CREDIT CARD TRUST SERIES 1993-1 $750 MILLION FLOATING RATE ASSET-BACKED CERTIFICATES RATED 'AAA'
CHICAGO, Feb. 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned the MBNA Master Credit Card Trust 1993-1 floating rate asset-backed certificates a rating of "AAA" (Triple-A). The securities have a 3.425 percent per annum coupon from February 25, 1993 to March 14, 1993. Thereafter the coupon rate will be set at the rate of 0.30 percent over one-month LIBOR paid on the 15th day of each month. However the interest rate will be no higher than 12 percent per annum. Certificateholders will receive interest only payments during the revolving period, with principal payments commencing on October 15, 1997 or earlier upon the occurrence of a "Pay Out Event". The trust consists of approximately $3.677 billion of receivables from MBNA America Bank, N.A. consumer revolving credit card accounts. The receivables consist of standard and premium VISA and MasterCard charge accounts balances originated and serviced by MBNA America Bank, N.A. Our "AAA" rating is based on the credit quality of the receivables, the legal structure of the transaction, the servicing capabilities of MBNA America Bank, N.A. and the 12 percent ($90,000,000) cash collateral account. Duff & Phelps performed an analysis of the projected cash flows under various economic scenarios stressing projected yields, payment and purchase patterns, and charge-off rates. The results of these analyses showed the cash collateral amount is sufficient to cover potential decreases in yield and/or increases in charge-offs and the resulting cash flow shortfalls. MBNA America Bank, N.A. has sold a portion of its credit card portfolio to the MBNA Master Credit Card Trust which has issued these certificates. The Series 1993-1 certificates are the fifth series of certificates to be issued from this master trust. Credit support against possible losses is provided for the Series 1993-1 certificates by a cash collateral account in an amount equal to 12 percent of the principal amount of the certificates. Duff & Phelps rates MBNA Master Credit Card Trust Series 1991-1, Series 1992-1, Series 1992-2, and Series 1992-3 each "AAA" (Triple A). The ratings of the 1991-1, 1992-1, 1992-2, and 1992-3 certificates are reaffirmed with the concurrent issue of the Series 1993-1 certificates. The MBNA America Bank, N.A.'s portfolio of accounts, from which the receivables for the Master Trust were selected, is of high quality, with current gross charge-offs of approximately 3.80 percent as of Dec. 31, 1992. The pooled accounts are all at least 6 months old and have an average principal balance of $1,282. The average age of the accounts is 36.8 months. The three states with the highest concentration of account balances are California (15.1 percent), Texas (6.5 percent), and New York (6.2 percent). -0- 2/26/93 /CONTACT: Laura M. Ladewski of Duff & Phelps Credit Rating Co., 312-368-3186/ (KRB)
CO: MBNA Master Credit Card Trust ST: California IN: FIN SU: RTG
TS -- NY061 -- 1011 02/26/93 16:50 EST
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|Date:||Feb 26, 1993|
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