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MBNA $1.0 BILLION CREDIT CARD TRUST SERIES 1993-4 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 8 /PRNewswire/ -- MBNA America Bank, N.A.'s $1.0 billion Master Credit Card Trust floating-rate, asset-backed certificates series 1993-4 are rated "AAA" by Fitch. The rating is based on the strength of the MasterCard and Visa receivables pool, the 12% certificate rate cap, the 10.5% cash collateral account (CCA), the excellent servicing capabilities provided by MBNA America Bank, National Association (MBNA), and the sound legal structure.
 MBNA's master credit card trust's "AAA" ratings for series 1991-1, 1992-1, 1992-2, 1992-3, 1993-1, 1993-2, and 1993-3 are affirmed, indicating that issuance of the new series does not adversely affect the existing series' ratings. The trust's assets will be allocated among all series' certificateholders and the seller's interest.
 As of Nov. 17, 1993 the amount of principal receivables in the trust was approximately $6.6 billion. After the issuance of series 1993-4, the seller's interest is $714.1 million, well above the required seller's participation of approximately $452 million.
 Credit enhancement consists of an initial cash deposit into the CCA equal to 10.50% of the issuance amount and 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. In addition, the trust structure contains a number of early payout triggers providing certificateholders with a high level of credit protection. In the event of a serious deterioration in credit card performance, the trust features an economic pay out trigger that prompts an early payment to investors from the amount available in the CCA.
 Investors will receive interest payments on the 15th of each month beginning Jan. 18, 1994 based on a certificate rate of one-month LIBOR plus 0.25% up to 12%. The initial certificate rate is 3.8125%. The revolving period (interest only) should continue for 54 months. At the end of the revolving period, the trust will begin a controlled amortization, paying investors 12 equal monthly principal payments of $83,333,333. The expected final payment date is June 1999.
 MBNA, which is an excellent servicer, will be responsible for servicing, managing, and making collections on the receivables. MBNA services approximately $10.6 billion in outstanding credit card receivables at its primary servicing operations located in Newark, DE, and Addison, TX. MBNA has very strong customer-oriented servicing, using highly automated procedures.
 -0- 12/8/93
 /CONTACT: Gracen Fraser, 212-908-0520, or David R. Howard, 212-908-0677, both of Fitch Financial Wire/
 (KRB)


CO: MBNA America Bank ST: IN: FIN SU: RTG

PS -- NY030 -- 1677 12/08/93 10:14 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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