Fitch Confirms Citibank CC Issuance Trust's Re-opened 2006-A8 Notes At 'AAA'.

NEW YORK -- Citibank Credit Card Issuance Trust's (CCCIT) $500 million Three Month LIBOR + 0.04% re-opened class 2006-A8 notes are confirmed at 'AAA' by Fitch Ratings. The re-opened class 2006-A8 notes will form a part of the same subclass of the issuance trust's outstanding $500 million class 2006-A8 notes issued on Dec. 19, 2006, bringing the initial dollar principal amount of these notes to $1 billion. This rating addresses the transaction's ability to make timely payment of interest and ultimate payment of principal by the legal maturity date.

The notes issued by CCCIT are secured by a collateral certificate issued by Citibank Credit Card Master Trust I (CCIMTI), as well as certain trust accounts held by the indenture trustee and any applicable derivative agreements. The collateral certificate represents an undivided interest in the assets of CCIMTI. CCIMTI consists of receivables generated from Visa and MasterCard credit card accounts originated by Citibank (South Dakota).

The confirmation reflects the credit quality of the collateral certificate, which is based on the quality of the receivables that make up CCIMTI, the available credit enhancement, the servicing expertise of Citibank (South Dakota), and the transaction's sound legal and financial structure. Credit enhancement for the re-opened class 2006-A8 notes is 12.25%, consisting of the 5.25% required subordinated amount of class B notes and the 7.0% required subordinated amount of class C notes.

Unless an event of default or early redemption event occurs, the re-opened class 2006-A8 investors will receive interest payments at an annual rate of Three Month LIBOR + 0.04% on the 15th day of each January, April, July and October, beginning April 2007. Class 2006-A8 notes have an expected principal payment date of Dec. 15, 2016 and a legal maturity date of Dec. 17, 2018. The notes are part of the Citiseries subclass of notes in CCCIT, which is a multiple issuance series. As of the issuance date of the class 2006-A8 notes, the total invested amount of notes of the Citiseries will be $59.52 billion, consisting of $52.19 billion in class A notes, $2.75 billion in class B notes, and $4.58 billion in class C notes.

CCCIT is a Delaware statutory business trust that has been structured to allow maximum flexibility in issuance, as well as The Employee Retirement Income Security Act of 1974 (ERISA) eligibility for all classes of notes. The innovative structure utilized by CCCIT allows for the sale of a single issuance series, which is a typical credit card A/B/C structure, as well as a multiple issuance series. In a single issuance series, the class A, class B and class C notes are issued concurrently and have similar maturities, with the subordinate classes of that series supporting the senior classes. A multiple issuance series also 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 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.

CCCIT contains standard early redemption events designed to protect investors from deteriorating collateral performance, as well as standard events of default. If an early redemption event or event of default occurs investors will receive principal on an accelerated schedule, with senior notes receiving principal payments first.

For a copy of the Citibank Credit Card Issuance Trust report or for historical trust performance on Citibank Credit Card Master Trust I please refer to Fitch's ABS Surveillance available on the Fitch Ratings web site www.fitchratings.com.

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.