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CITIBANK CREDIT CARD MASTERS TRUST I EURO SRS 1996-2 CLS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

NEW YORK, March 8 /PRNewswire/ -- Citibank Credit Card Master Trust I's (CCIMT I) U.S. $500 million 5.625% class A credit card participation certificates, series 1996-2 are rated 'AAA' by Fitch. The class A certificates will be sold publicly in Europe, while the $32 million class B certificates will be privately placed in the U.S. Ratings assigned to outstanding CCIMT I certificates and to McKenna Triangle National Corp.'s $2.4 billion asset-backed commercial paper notes are affirmed, indicating that the new issuance will not result in a ratings' reduction or withdrawal.

The 'AAA' rating assigned to the class A certificates is based on the quality of the receivables pool, the available credit enhancement, the experienced servicing of Citibank (South Dakota), and the solid legal and cash flow structures.

Class A's enhancement, equal to 11% of the total initial invested amount, is derived from a 5% shared cash collateral account (CCA) and the subordination of the 6% class B certificates. The shared CCA first supports class A then class B, covering losses not paid by excess finance charge collections.

Several economic and credit stress scenarios were devised by Fitch to determine appropriate credit enhancement levels. The scenarios simultaneously stress yield, chargeoffs, and monthly payment rate. Under the current enhancement structure, the class A certificates could sustain more than a 35% decrease in yield, payment rates dropping by one-half, and chargeoffs increasing more than five times current levels, and still make full and timely principal and interest payments to certificateholders by the series termination date.

Class A investors will receive interest annually on March 7 throughout the revolving and accumulation periods and on the scheduled final payment date, provided an early payout event does not occur. Following the variable accumulation period, principal is expected to be paid in March 2001. The termination date is March 2003. As a part of Group One, series 1996-2 shares excess finance charge collections with other Group I series. The master trust's principal reallocation feature is also available to help ensure principal is repaid according to schedule.

Series 1996-2's terms contain an accelerated payout feature to protect investors from deteriorating collateral or a servicer default. If certain triggers are breached, the amounts available in the 5% shared CCA will be drawn on immediately and distributed to class A investors. The series also contains tax withholding and information reporting early amortization triggers common to transactions sold in Europe.
 -0- 3/8/96


/CONTACT: Chris Mrazek, 212-908-0667 or David R. Howard, 212-908-0677, both of Fitch/

CO: Citibank Credit Card Master Trust I; Fitch Investors Service Inc. ST: New York IN: FIN SU:

JA-AM -- DCF013 -- 1568 03/08/96 11:47 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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