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MBNA CORP. 6.15 PERCENT SENIOR MEDIUM-TERM NOTES DUE 2003 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 23 /PRNewswire/ -- MBNA Corp.'s $100 million 6.15 percent senior medium-term notes due Oct. 1, 2003, are rated `A+' by Fitch. The rating reflects the company's strong and unique market position in the increasingly competitive credit card industry. Earnings are consistently strong, asset quality is good, and the company maintains a solid funding structure with a well-capitalized balance sheet. The credit trend is stable.
 MBNA America Bank, 99 percent-owned by MBNA Corp., is the third largest issuer of credit cards and the largest and most dominant force in credit card issuance through affinity groups. As a result, demographic characteristics are strong, translating into a high-quality, loyal customer base that generates consistently solid earnings. This has also protected the company fairly well from the increasing competitiveness in the credit card industry as MBNA's pool of managed receivables has grown from $5.7 billion at Dec. 31, 1989, to $10.6 billion at June 30, 1993. For the six months ended June 30, 1993, MBNA Corp. had a typically high return on assets of 2.75 percent with annualized charge-offs of 2.6 percent staying well below industry averages.
 A strong capital base resulted from MBNA's spinoff from MNC Financial Corp. in January 1991, and a solid funding structure has established a sound balance sheet. At June 30, 1993, MBNA Corp.'s Tier I and total capital as a percentage of risk-weighted assets equaled 13.08 percent and 18.08 percent, respectively. This strong capitalization assures that MBNA could absorb any unexpected recourse related to off balance sheet assets. Despite the lack of a retail branch network, MBNA America Bank is still primarily retail funded, with a national CD program of $1.5 billion as an additional source of funds.
 -0- 9/23/93
 /CONTACT: Helene L. Moehlman, CFA, 212-908-0606, or Nancy E. Stroker, CFA, 212-908-0533, both of Fitch/
 (KRB)


CO: MBNA Corp. ST: IN: FIN SU: RTG

CK -- NY048 -- 5223 09/23/93 12:52 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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