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MBNA $500 MILLION CREDIT CARD TRUST SERIES 1992-3 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 24 ~PRNewswire~ -- MBNA America Bank, N.A.'s $500 million Master Credit Card Trust floating rate asset-backed certificates series 1992-3 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., the sound legal structure, and the 12 percent cash collateral account (CCA). This is the first time MBNA has issued floating rate certificates out of the master trust.
 The 'AAA' ratings of MBNA's Master Credit Card Trust, Series 1991-1, Series 1992-1, and Series 1992-2, 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, 1992-2 and 1992-3 certificateholders, and the seller's interest.
 As of Oct. 8, the amount of receivables in the trust was approximately $2.9 billion. A lump sum addition of approximately $250 million in receivables was made to the trust in August. After the issuance of Series 1992-3, the seller's interest is $368 million, well above the required seller's participation of approximately $188 million.
 Investors will receive interest payments on the 15th of each month beginning Jan. 15, 1993. The initial certificate rate is 3.60 percent. After the initial month, the rate will be calculated based on one month LIBOR plus 0.35 percent. The certificate rate will not exceed 12 percent.
 The revolving period (interest only) should continue for 54 months. 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 June 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 12 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- 11~24~92
 ~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 -- NY045 -- 1069 11~24~92 12:48 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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