Fitch Rates Capital One Multi-asset Execution Trust Class A (2006-11) 'AAA'.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. assigns ratings of 'AAA' to $750 million class A (2006-11) card series notes issued by the Capital One Multi-asset Execution Trust ('COMET'). The class A (2006-11) notes accrue interest at a rate equivalent to the one-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 0.09% (payable monthly), and have expected principal and legal maturity dates of August 15, 2016 and June 17, 2019, respectively. The ratings are based on the strength of the Visa and MasterCard receivables pool, the 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 , the servicing expertise of Capital One Bank, and the transaction's sound legal and cash flow structures. The class A (2006-11) notes will receive payments of principal and interest pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. with other class A's outstanding based on the stated principal amount of each outstanding series of notes in that tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. . Including the subject transaction, there are currently 41 series of class A notes outstanding, which includes the 'A' rated NOVA notes. During October 2002, Capital One created a new issuance vehicle, the COMET Issuance Trust, from which Capital One issues credit card 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. . The notes issued by COMET Issuance Trust are secured by the Collateral Certificate, Series 2002-CC issued by the Capital One Master Trust, the collection account and any other supplemental accounts in Asset Pool One, including the interest funding account, the principal funding account, the accumulation reserve account, the class C reserve account and the class D reserve account. The collateral certificate represents an undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the assets of the Capital One Master Trust. The COMET card series is known as a 'multiple issuance series' that allows for the sale of a single note series or a multiple note series. A multiple issuance series consists of class A, class B and class C notes, and retained class D variable funding 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. For a multiple issuance series, class A, class B, or class C notes can be offered only to the extent that the required subordinated amount is outstanding. The required subordinated amount for the issuance of class A notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class A notes, is approximately 10.8434% of class B notes, 8.4338% of class C notes and 1.2049% of class D notes. These subordination levels provide equivalent credit enhancement as a single tranche series. For a copy of the Capital One Multi-asset Execution Trust report or for historical trust performance on Capital One Master Trust please refer to Fitch Ratings Asset-Backed Surveillance available at 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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