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MBNA $1 BILLION CREDIT CARD TRUST, SERIES 1993-2 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 16 /PRNewswire/ -- MBNA America Bank, N.A.'s $1 billion master credit card trust series 1993-2 floating rate asset- backed certificates are rated 'AAA' by Fitch. The rating is based on the strength of the MasterCard and Visa receivables pool, the excellent servicing capabilities provided by MBNA America Bank, N.A. (MBNA), the sound legal structure, and the 12 percent cash collateral account (CCA).
 MBNA's 'AAA' master credit card trust, series 1991-1, 1992-1, 1992-2, 1992-3, and 1993-1 are affirmed, indicating issuance of the new series does not adversely affect existing ratings. The trust's assets will be allocated among the 1991-1, 1992-1, 1992-2, 1992-3, 1993-1, and 1993-2 certificateholders, and the seller's interest.
 At May 31, 1993, trust receivables totaled approximately $4.7 billion. After the issuance of series 1993-2, the seller's interest will most likely be about $489 million, well above the required seller's participation of approximately $320 million.
 Investors will receive interest payments on the 15th of each month beginning Aug. 16, 1993. The initial certificate rate is 3.4 percent. After the initial month, the rate will be calculated based on one month LIBOR plus 0.15 percent. The certificate rate will not exceed 12 percent.
 The revolving period (interest only) should continue for 30 months. At the end of the revolving period, the trust will begin to amortize on a controlled basis, which should provide investors with 12 equal monthly principal payments of $83,333,333. The expected weighted average life of the certificates is three years, with an expected final payment date of Jan. 15, 1997. In the event of a serious deterioration in credit card performance, the early amortization triggers in this trust provide certificateholders with a high level of credit protection.
 Credit enhancement will consist of an initial cash deposit of 12 percent of the issuance amount provided by a highly rated bank. The cash will be invested in highly rated, short-term investments and is available to provide credit support to certificateholders.
 MBNA, which is an excellent servicer, will be responsible for servicing, managing, and making collections on the receivables. MBNA services approximately $10 billion in outstanding credit card receivables at its primary servicing operations located in Newark, Del., and Addison, Texas. MBNA has very strong customer-oriented servicing, using highly automated procedures.
 -0- 6/16/93 R
 /CONTACT: Gracen Fraser, 212-908-0520 or David R. Howard, 212-908-0677, both of Fitch/
 (KRB)


CO: MBNA America Bank, N.A. ST: IN: FIN SU: RTG

LR -- NY048R -- 2722 06/16/93 15:47 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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