Fitch Affirms Bank of America Credit Card Trust Class A Notes.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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. affirms all outstanding Class A notes issued from the Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. (BA) Credit Card Trust as listed below. The affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. affects approximately $48.5 billion of credit card securities backed by a pool of Visa, MasterCard MasterCard Worldwide (NYSE: MA) is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded debit- and , and American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed originated by FIA FIA feline infectious anemia. Card Services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. (BA) or one of its predecessor institutions (Fleet Bank and 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) ) and sold to the BA Credit Card Trust. Bank of America 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. the transaction's legal structure to reduce the amount of required subordination for the outstanding Class A notes. These lower levels will be applicable to future transactions as well. The Class B required subordinated amount (RSA (1) (Rural Service Area) See MSA. (2) (Rivest-Shamir-Adleman) A highly secure cryptography method by RSA Security, Inc., Bedford, MA (www.rsa.com), a division of EMC Corporation since 2006. It uses a two-part key. ) has been reduced to 8.72093% from 8.82353%, representing the amount Class B notes expressed as a percentage of Class A notes. Additionally, the RSA of Class C notes have changed to 7.55814% from 8.82353%. The effect of the change is a reduction in available 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 for Class A notes to 14% (derived from 7.5% Class B and 6.5% Class C) from 15% (derived from 7.5% each of Class B and Class C). This change will result in an increase in Class A issuance capacity by approximately $580 million. Fitch fitch: see polecat. believes the lower credit enhancement levels are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the solid performance of the MBNA collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , which offsets the addition of legacy Bank of America and legacy Fleet accounts to the trust, which were added to the trust during 2006. Using the performance of the legacy Bank of America and Fleet trusts as a proxy, Fitch has observed that accounts in these trusts demonstrate higher yield but slower monthly payment rates and higher charge-offs than the legacy MBNA trust. Future additions to the transaction will include additional legacy Bank of America and Fleet accounts as well as newly originated accounts, as a large percentage of MBNA collateral has already been securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. . As a result, Fitch determined that a moderate reduction in the Class A credit enhancement levels would not affect existing ratings. Fitch publishes an update on BA Credit Card Trust each month, including current performance, outstanding debt, and break even stress scenarios. The update is available on the Fitch Ratings web site at www.fitchratings.com. Fitch affirms the 'AAA' ratings for the following outstanding Class A notes from BA Credit Card Trust: --$500,000,000 BAseries, Class A 2001-2 floating-rate asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. ; --$500,000,000 BAseries, Class A 2001-5 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2002-1 fixed-rate asset-backed securities; --$656,175,000 BAseries, Class A 2002-2 floating-rate asset-backed securities; --$750,000,000 BAseries, Class A 2002-3 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2002-4 floating-rate asset-backed securities; --$750,000,000 BAseries, Class A 2002-5 floating-rate asset-backed securities; --$497,250,000 BAseries, Class A 2002-7 floating-rate asset-backed securities; --$400,000,000 BAseries, Class A 2002-8 floating-rate asset-backed securities; --$700,000,000 BAseries, Class A 2002-9 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2002-10 floating-rate asset-backed securities; --$490,600,000 BAseries, Class A 2002-11 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2002-13 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2003-1 fixed-rate asset-backed securities; --$750,000,000 BAseries, Class A 2003-3 floating-rate asset-backed securities; --$750,000,000 BAseries, Class A 2003-4 floating-rate asset-backed securities; --$548,200,000 BAseries, Class A 2003-5 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2003-6 fixed-rate asset-backed securities; --$650,000,000 BAseries, Class A 2003-7 fixed-rate asset-backed securities; --$750,000,000 BAseries, Class A 2003-8 floating-rate asset-backed securities; --$1,050,000,000 BAseries, Class A 2003-9 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2003-10 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2003-11 fixed-rate asset-backed securities; --$500,000,000 BAseries, Class A 2003-12 floating-rate asset-backed securities; --$752,760,000 BAseries, Class A 2004-1 floating-rate asset-backed securities; --$600,000,000 BAseries, Class A 2004-2 floating-rate asset-backed securities; --$700,000,000 BAseries, Class A 2004-3 floating-rate asset-backed securities; --$1,350,000,000 BAseries, Class A 2004-4 fixed-rate asset-backed securities; --$1,015,240,000 BAseries, Class A 2004-5 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2004-6 floating-rate asset-backed securities; --$900,000,000 BAseries, Class A 2004-7 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2004-8 floating-rate asset-backed securities; --$672,980,000 BAseries, Class A 2004-9 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2004-10 floating-rate asset-backed securities; --$750,000,000 BAseries, Class A 2005-1 fixed-rate asset-backed securities; --$500,000,000 BAseries, Class A 2005-2 floating-rate asset-backed securities; --$600,000,000 BAseries, Class A 2005-3 floating-rate asset-backed securities; --$800,000,000 BAseries, Class A 2005-4 floating-rate asset-backed securities; --$1,500,000,000 BAseries, Class A 2005-5 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2005-6 fixed-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2005-7 fixed-rate asset-backed securities; --$850,000,000 BAseries, Class A 2005-8 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2005-9 floating-rate asset-backed securities; --$400,000,000 BAseries, Class A 2005-10 floating-rate asset-backed securities; --$500,000,000 BAseries, Class A 2005-11 floating-rate asset-backed securities; --$1,600,000,000 BAseries, Class A 2006-1 fixed-rate asset-backed securities; --$550,000,000 BAseries, Class A 2006-2 floating-rate asset-backed securities; --$750,000,000 BAseries, Class A 2006-3 floating-rate asset-backed securities; --$2,500,000,000 BAseries, Class A 2006-4 floating-rate asset-backed securities; --$700,000,000 BAseries, Class A 2006-5 floating-rate asset-backed securities; --$2,000,000,000 BAseries, Class A 2006-6 floating-rate asset-backed securities; --$375,000,000 BAseries, Class A 2006-7 floating-rate asset-backed securities; --$725,000,000 BAseries, Class A 2006-8 floating-rate asset-backed securities; --$1,750,000,000 BAseries, Class A 2006-9 floating-rate asset-backed securities; --$750,000,000 BAseries, Class A 2006-10 floating-rate asset-backed securities; --$520,000,000 BAseries, Class A 2006-11 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2006-12 floating-rate asset-backed securities; --$275,000,000 BAseries, Class A 2006-13 floating-rate asset-backed securities; --$1,350,000,000 BAseries, Class A 2006-14 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2006-15 floating-rate asset-backed securities; --$1,000,000,000 BAseries, Class A 2006-16 fixed-rate asset-backed securities. Fitch affirms the 'F1+' rating for the following outstanding Class A notes from BA Credit Card Trust: --$9,025,000,000 BAseries, Class A 2001-Emerald floating-rate asset-backed securities. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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