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MBNA CORP. $500 MILLION SHELF DEBT RATED 'A+/A' BY FITCH -- FITCH FINANCIAL WIRE --

 MBNA CORP. $500 MILLION SHELF DEBT RATED 'A+/A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 13 /PRNewswire/ -- MBNA Corp.'s $500 million shelf registration for senior and subordinated debt securities is rated 'A+/A' (senior/subordinated) by Fitch. Certificates of deposit of MBNA America Bank, N.A. are affirmed at 'A+/F-1' and deposit notes are affirmed at 'A+'. The credit trend is stable.
 MBNA Corp. is a bank holding company that primarily offers credit cards, spun off from MNC Financial Corp. in early 1991. It is one of the country's largest and best managed credit card operations, specializing in affinity group marketing and strong customer service. As a result of this focus, MBNA has a high-quality, loyal customer base which has generated consistently strong earnings. This has also protected them fairly well from the increasing competitiveness in the credit card industry as MBNA's pool of serviced receivables has grown at a compound annual rate of 24.2 percent since year-end 1989. For the first six months of this year, MBNA Corp. had a typically high return on assets of 2.5 percent with annualized chargeoffs of 3.0 percent staying well below industry averages.
 MBNA maintains a strong balance sheet, which will be supplemented in part by the planned issuance of subordinated debt from this shelf. At June 30, 1992, MBNA Corp. had a common equity/assets ratio of 11.1 percent. This strong capitalization assures that MBNA could absorb any unexpected recourse related to previous securitizations of credit card receivables. It also qualifies MBNA America Bank as a "well capitalized" bank by regulatory standards, which facilitates the issuance of certificates of deposit in national markets. Despite the lack of a retail branch network, MBNA Bank is still primarily retail funded, with a national CD program of $1.4 billion as an additional source of funds.
 -0- 8/13/92
 /CONTACT: Nancy E. Stroker, CFA, 212-908-0533, or Helene L. Moehlman, 212-908-0606, both of Fitch/
 (KRB) CO: MBNA Corp. ST: IN: FIN SU: RTG


PS -- NY087 -- 9827 08/13/92 23:05 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
Words:345
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