Fitch Rates Ambac-Insured $415.95MM FNANB CCMNT Series 2002-A 'AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--July 23, 2002 FNANB FNANB First North American National Bank Credit Card Master Note Trust's (CCMNT) $415.95 million series 2002-A floating-rate asset-backed notes are rated 'AAA' by 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. . The ratings are based on a financial guaranty insurance policy provided by Ambac Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. , which is rated 'AAA' by Fitch. The ratings address the likelihood of investors receiving full and timely interest payments in accordance with terms of the underlying documents and full repayment of principal by the July 2011 termination date termination date, n See expiration date. . The ratings do not address the likelihood of principal repayment by the July 2007 expected final payment date. In addition to the Ambac policy, the ratings are supported by the quality of the underlying receivables pool, 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 in the form of class B subordination and a spread account structure, First North American National Bank's underwriting and servicing capabilities, and a sound legal structure, which employs the use of select pay out triggers. |
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