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CITIBANK CREDIT CARD ABS AFFIRMED BY FITCH AFTER ANNOUNCEMENT -- FITCH FINANCIAL WIRE --

 CITIBANK CREDIT CARD ABS AFFIRMED BY FITCH AFTER ANNOUNCEMENT
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 16 /PRNewswire/ -- Fitch affirms its "AAA" ratings on Class A certificates and the "A+" ratings on the Class B certificates for Standard Credit Card Master Trust I (SCCMT I) Series 1991-1 through 1991-6 asset-backed securities.
 Citibank today announced plans to lower annual percentage rates (APRs) for their more creditworthy Visa and MasterCard credit card customers effective June 1. SCCMT I, which is backed by Visa/MasterCard receivables, is expected to experience a slight decline in finance charge income.
 An excess servicing cushion is available to absorb decreases in credit card revenue as well as increases in cardholder chargeoffs. This cushion represents the revenue remaining after paying the trust expenses (i.e. investor coupon, servicing fees and cardholder chargeoffs). Reductions in APRs, as proposed, will not result in a weakening of credit enhancement already provided in SCCMT I.
 The cushion available for SCCMT I is currently 5.83 percent and since its inception has ranged from 6.49 percent to 2.81 percent with an average of 4.81 percent. This relatively high level of excess servicing is available to absorb a deterioration in SCCMT I performance prior to accessing the available credit enhancement of 11 percent for Class A and 7 percent for Class B investors.
 The three-month average of this cushion can decline to zero before triggering an early amortization event causing an early payout of investor principal. The strong cushion should continue to insulate investors from an early amortization event.
 By offering performance-based pricing to creditworthy customers, Citibank should be able to retain its more seasoned accounts. These accounts tend to exhibit a more stable and predictable default pattern than newly originated accounts. As a result, the credit risk profile of their portfolio may improve in the future.
 For more information on SCCMT I, refer to Fitch research "Is Standard Credit Card Master Trust Bulletproof?, dated April 13, 1992. To track the monthly performance of this and other ABS issues, refer to Fitch's on-line surveillance available to all Bloomberg subscribers by typing FTC "GO".
 -0- 4/16/92
 /CONTACT: Gregory G. Raab, 212-908-0536; J. Douglas Murray, 212-908-0518; or Gracen R. Fraser, 212-908-0520, all of Fitch/
 (CCI) CO: Citibank ST: New York IN: FIN SU: RTG


GK -- NY026 -- 9127 04/16/92 09:39 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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