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CHOICE CREDIT CARD MASTER TRUST 1992-1,2 RATED 'AAA/A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 18 /PRNewswire/ -- CHOICE Credit Card Master Trust I (CHOICE) Series 1992-1 and 1992-2 class A certificates are rated 'AAA' and the class B certificates are rated 'A' by Fitch. These series are the first securitizing Citibank's CHOICE Visa and MasterCard credit card receivables. Citibank (Maryland), National Association is the seller. Citibank (South Dakota), N.A. is the servicer.
 Series 1992-1 issued $1 billion of 2-year floating rate class A participation certificates with a coupon rate of 3.775 percent (3 month Libor plus 0.15 percent). Series 1992-2 issued $1 billion of 5-year floating rate class A certificates with a coupon rate of 3.925 percent (3 month Libor plus 0.30 percent). The class A ratings reflect the high quality of the receivables, credit enhancement totaling 11.25 percent and 12.75 percent for series 1992-1 and 1992-2 respectively, and the class A interest rate caps of 5 percent and 7 percent for the 2 year and 5 year series.
 For the class A investors, credit enhancement is provided by a combination of a shared cash collateral account (shared account) and subordination of each series' class B certificates. For series 1992-1, the 11.25 percent credit enhancement is provided by a 4.0 percent shared account and a 7.25 percent subordinate class. The 1992-2 shared account and subordinate class represent 3.50 percent and 9.25 percent, respectively, of the aggregate invested amount totaling 12.75 percent. The shared account is in the first loss position supporting Class A then Class B.
 The trust has purchased class A interest rate caps for each series for the benefit of the certificateholders from Credit Suisse Financial Products (CSFP). CSFP will provide funds to the trust to cover certificateholder interest payments in the event that Libor exceeds 5 percent or 7 percent per annum. CSFP is an unlimited liability company with voting stock owned by Credit Suisse (70 percent) and FCSFB Financial Products AG (30 percent), subsidiaries of CS Holding. Fitch rates Credit Suisse 'AAA'.
 Series 1992-1 issued fixed rate class B participation certificates of $78.2 million at a coupon rate of 5.65 percent. Series 1992-2 issued $102 million at a coupon rate of 7.20 percent. The class B ratings reflect credit enhancement totaling 6.75 percent for Series 1992-1 and 7 percent for Series 1992-2, in the form of the 4.0 percent and 3.50 percent shared accounts and the class B cash collateral accounts (CCA) of 2.75 percent and 3.50 percent. The class B CCAs are available solely to support class B. Class B defaults are covered by the shared accounts after class A requirements are met.
 CHOICE's master trust structure contains an accelerated payout feature if certain "economic" amortization event triggers are breached. These triggers are linked to the performance of the receivables. If an economic amortization event occurs, the amounts available in the shared accounts and the class B CCAs will be drawn and used immediately to partially pay class A and class B investors, respectively. Over- collateralization would then replace the CCAs as credit enhancement. Principal payments will continue to be made to class A until class A is repaid, then to class B.
 Class A investor interest is payable quarterly on the 15th beginning Feb. 15, 1993. Class B investors are paid interest semi-annually beginning May 15, 1993. The revolving period for Series 1992-1 and 1992- 2 will cover 12 and 42 months, respectively. Each series will then accumulate principal over the following 12 and 18 months. Series 1992-2 class A investors are expected to receive final principal payments on Jan. 15 of 1995, Series 1992-2 class A on Jan. 15 1998. Class B investors should be repaid on March 15, 1995 for series 1992-1 and March 15, 1998 for series 1992-2. In addition, finance charges for CHOICE will be shared among all series issued from group one and the "master trust principal reallocation" feature will be available for these series.
 The aggregate amount of receivables in the accounts currently included in the trust is approximately $3.1 billion and the majority of accounts carry variable rates tied to prime. Citibank (South Dakota), which is an excellent servicer, is responsible for servicing, managing and making collections on the receivables. Citibank services over $30 billion in credit card receivables.
 -0- 12/18/92
 /CONTACT: Gracen Fraser, 212-908-0520, or J. Douglas Murray, 212-908-0518, both of Fitch/


CO: CHOICE Credit Card Master Trust I ST: IN: FIN SU: RTG

WB -- NY029 -- 8123 12/18/92 10:30 EST
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Date:Dec 18, 1992
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