Fitch Rates MBNA CCMNT $250MM Class C (2006-3) Notes 'BBB+'.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 assigns a rating of 'BBB+' to the $250 million class C notes issued by the 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) Credit Card Master Note Trust through the MBNAseries. The class C (2006-3) notes have a floating-rate coupon of one-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 0.29% per year payable monthly with an expected maturity date of May 16, 2011. The MBNA Credit Card Master Note Trust is a Delaware statutory business trust that has been structured to allow maximum flexibility in issuance, as well as ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). eligibility for all classes of notes. On June 30, 2005, 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. Corporation announced an agreement to purchase credit card issuer MBNA Corporation; the merger was completed on Jan 1, 2006. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]The notes issued by MBNA Credit Card Master Note Trust are secured by a collateral certificate issued by MBNA Master Credit Card Trust II, as well as certain trust accounts held by the indenture trustee and any applicable derivative agreements. 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 MBNA Master Credit Card Trust II. MBNA Master Credit Card Trust II consists of receivables generated from American Express and Visa and MasterCard credit card accounts originated by MBNA America Bank, N.A. MBNA America Bank, N.A. has transferred the receivables to MBNA Master Credit Card Trust II, with MBNA America Bank, N.A. acting as servicer. MBNA America Bank, N.A. will also be responsible for managing MBNA Credit Card Master Note Trust. E[acute accent]The rating reflects the credit quality of the collateral certificate, which is based on the quality of the receivables that make up MBNA Master Credit Card Trust II, the required 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 MBNA America Bank, N.A., and the transaction's legal and financial structures. E[acute accent]MBNAseries is a multiple tranche series which 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 tranche series support the senior classes of that series. Although notes of a multiple tranche 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. E[acute accent]For a multiple tranche series, class A or class B 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 8.82353% of class B notes and 8.82353% of Class C notes. The required subordinated amount for the issuance of class B notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class B notes, is 8.10811% of class C notes. These subordination levels provide equivalent credit enhancement as a single tranche series. E[acute accent]For historical trust performance on MBNA Master Credit Card Trust II please refer to 'Fitch Ratings Asset-Backed Surveillance' available on www.fitchratings.com. E[acute accent]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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