Fitch Withdraws Ratings on 5 Credit Card ABS Notes with Swiss RE Counterparty Exposure.NEW YORK -- Fitch Ratings has withdrawn the ratings on five credit card ABS notes issued through BA Credit Card Trust (formerly known as MBNA MBNA Monument Builders of North America MBNA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) with currency swap counterparty exposure to Swiss RE as listed below. The action follows Fitch's withdrawal of Swiss RE's credit rating on Oct. 3, 2008. Swiss Re decided not to post additional collateral for the transactions as it was not obligated to do so under the transaction documents based on a rating action by Fitch. As a result, the following ratings are withdrawn due to the absence of a Fitch rated counterparty: --BACCT 2002-11A AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. ; --BACCT 2003-4B A; --BACCT 2003-5A AAA; --BACCT 2004-5A AAA; --BACCT 2005-3B A. Fitch withdrew its credit ratings for Swiss Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company (Swiss Re) and its subsidiaries on Oct. 3, 2008 as the public information and disclosure available to the agency was no longer considered sufficient to maintain the ratings. 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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