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Fitch Rates MBNA CCMNT $250MM Class C (2006-3) Notes 'BBB+'.

NEW YORK -- Fitch assigns a rating of 'BBB+' to the $250 million class C notes issued by the MBNA Credit Card Master Note Trust through the MBNAseries. The class C (2006-3) notes have a floating-rate coupon of one-month 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 eligibility for all classes of notes. On June 30, 2005, Bank of America Corporation announced an agreement to purchase credit card issuer MBNA Corporation; the merger was completed on Jan 1, 2006. E[acute accent]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 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, 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 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.
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Publication:Business Wire
Geographic Code:1USA
Date:May 31, 2006
Words:595
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