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MBNA'S $500 MILLION CREDIT CARD TRUST, SERIES 1992-2; 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 MBNA'S $500 MILLION CREDIT CARD TRUST, SERIES 1992-2; 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 7 /PRNewswire/ -- MBNA America Bank, N.A.'s $500 million Master Credit Card Trust asset-backed certificates series 1992-2 are rated 'AAA' by Fitch. The rating is based on the strength of the MasterCard and Visa receivables pool, the excellent servicing capabilities provided by MBNA America Bank, N.A. (MBNA), the sound legal structure, and the 10 percent cash collateral account (CCA).
 The 'AAA' ratings of MBNA's Master Credit Card Trust, Series 1991-1 issued Sept. 25, 1991, and Series 1992-1 issued May 29, 1992, are affirmed, indicating that the issuance of the new series does not adversely affect the existing series' ratings. The trust's assets will be allocated among the 1991-1, 1992-1 and 1992-2 certificateholders, and the seller's interest.
 As of July 4, 1992, the amount of receivables in the trust was approximately $2.6 billion. A lump sum addition of approximately $1.0 billion in receivables was made to the trust on March 30, 1992. MBNA's maturing trust 1987A contributed approximately one-half of the additional receivables. The remaining accounts were drawn from MBNA's unsecuritized portfolio. The addition included accounts with attributes similar to the original pool while improving the pool's seasoning. After the issuance of Series 1992-2, the seller's interest is $662 million, well above the required seller's participation of approximately $150 million.
 Investors will receive interest payments at 6.20 percent on the 15th of each month beginning Sept. 15, 1992. The revolving period (interest only) should continue for 54 periods. At the end of the revolving period, the trust will begin to amortize on a controlled basis, which should provide investors with 12 equal monthly principal payments of $41,666,666.67. The expected weighted average life of the certificates is five years, with an expected final payment date of Feb. 15, 1998. In the event of a serious deterioration in credit card performance, the early amortization triggers in this trust provide certificateholders with a high level of credit protection.
 Credit enhancement will consist of an initial cash deposit of 10 percent of the issuance amount provided by a highly rated bank. The cash will be invested in highly rated, short-term investments and is available to provide credit support to certificateholders.
 MBNA, which is an excellent servicer, will be responsible for servicing, managing, and making collections on the receivables. MBNA services approximately $8.6 billion in outstanding credit card receivables at its primary servicing operations located in Newark, Del., and Addison, Texas. MBNA has very strong customer-oriented servicing, using highly automated procedures.
 -0- 8/7/92
 /CONTACT: Gracen Fraser, 212-908-0520, or J. Douglas Murray, 212-908-0518, both of Fitch/ CO: MBNA America Bank, N.A. ST: IN: FIN SU: RTG


PS -- NY026 -- 8010 08/07/92 11:59 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
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