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HOUSEHOLD PRIVATE LABEL CREDIT CARD TRUST 1992-1 'AAA/A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 20 ~PRNewswire~ -- HRSI Funding, Inc.'s Private Label Credit Card Master Trust's $227.5 million 5.70 percent class A credit card participation certificates are rated 'AAA' by Fitch. The issue's $22.5 million 6.70 percent class B participation certificates are rated 'A'. HRSI Funding Inc., the seller, is a wholly-owned special purpose subsidiary of Household Retail Services, Inc.
 The 'AAA' rating reflects the quality of the trust's private label consumer credit card receivables and credit enhancement totalling 18 percent. A 9 percent shared cash collateral account (CCA) and the 9 percent subordinate class B certificates provide the credit enhancement. The 'A' rating reflects the 9 percent shared CCA plus a 2 percent CCA provided solely to support class B totalling 11 percent protection.
 The split CCA structure, which is a new structure for Household, also contains an accelerated payout feature if the average portfolio yield over 3 consecutive months falls below the base rate. It this "economic" amortization event is triggered, the CCA will be drawn. The 9 percent shared CCA amount will be applied to repay class A principal. The remaining shared CCA, if any, and the 2 percent class B CCA will be used to pay class B. The amounts paid from the CCA are replaced by overcollateralization as credit enhancement.
 As a result of the payout and overcollateralization, the trust saves coupon expenses on up to 11 percent of the issue while collections are allocated to investors as if the reduction had not occurred. The immediate partial payout and overcollateralization creates the potential for a faster return of investor principal than available with the fast- pay mechanism already included in most credit card structures. Series 1992-1 pays interest monthly beginning Dec. 15, 1992 and begins paying class A monthly principal on June 15, 1994.
 The trust's private label consumer credit card receivables are generated by a large number of merchants and total over $800 million. One-third of the accounts are related to merchants in the furniture industry, one-third from the consumer electronics industry, and the remainder from merchants representing a variety of areas. The accounts are serviced by Household.
 Household applies its credit and underwriting standards to all merchants included in the trust. This type of portfolio management mitigates concerns over retailer's motivations with regard to their credit card program which may adversely affect a portfolio's performance.
 -0- 11~20~92
 ~CONTACT: Gracen Fraser, 212-908-0520, or J. Douglas Murray, 212-908-0518, both of Fitch~


CO: HRSI Funding, Inc.; Household Retail Services, Inc. ST: IN: SU: RTG

WB-OS -- NY048 -- 3521 11~20~92 16:21 EST
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Date:Nov 20, 1992
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