Fitch Affirms FNBO's ABS Seller/Servicer Rating of 'ABPS/S3'.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 affirms First National Bank of Omaha (FNBO FNBO First National Bank of Omaha ) seller/servicer rating of 'ABPS/S3' for credit card origination and servicing. The rating is based on the highly experienced management team as well as their extensive experience in acquiring and managing third-party originated credit card portfolios. The rating also reflects the financial strength of FNBO's parent, First National of Nebraska First National of Nebraska is an interstate bank holding company based in Omaha, Nebraska. The largest banking subsidiaries are First National Bank of Omaha, First National of Colorado, First National Bank of Kansas, First National Bank South Dakota , Inc (FNNI FNNI Frame Network to Network Interface ) rated 'BBB' with a Negative Outlook by Fitch. Simultaneously with the affirmation of FNBO's rating, Fitch withdraws InfiCorp Holdings, Inc. (InfiCorp)'s seller/servicer rating of 'ABPS/S3+' for credit card origination and servicing. FNBO is currently integrating its operation with those of InfiCorp., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of FNNI. Of the total managed credit card outstanding of $3.7 billion at year-end (YE) 2005, FNBO serviced approximately $3.1 billion with the rest serviced by InfiCorp. FNBO has serviced general purpose and affinity cards for more than 50 years. As of YE2005, it was the 12th largest bank credit card issuer in the US with the receivables outstanding of approximately $3.7 billion. Fitch rates ABS seller/servicers on a scale of 1 to 5, with 1 (no '1+') being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For further information about Fitch ABS seller/servicer ratings, refer to the report titled 'Rating U.S. ABS Seller/Servicers' dated April 20, 2006 and 'Rating U.S. Credit Card Seller/Servicer,' dated Oct. 17, 2006, available on the Fitch Ratings web site www.fitchratings.com. 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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