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MBNA $750 MIL. CREDIT CARD TRUST, SERIES 1993-3 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 24 /PRNewswire/ -- MBNA America Bank, National Association's $750 million Master Credit Card Trust 5.40 percent series 1993-3 asset-backed certificates 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, National Association (MBNA), the sound legal structure, and the 9 percent cash collateral account (CCA).
 MBNA's master credit card trust's `AAA' ratings for series 1991-1, 1992-1, 1992-2, 1992-3, 1993-1 and 1993-2 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, 1992-3, 1993-1, 1993-2 and 1993-3 certificate holders, and the seller's interest.
 As of July 29, 1993 the amount of receivables in the trust was approximately $5.6 billion. After the issuance of series 1993-3, the seller's interest is $658.3 million, well above the required seller's participation of approximately $376 million.
 Investors will receive interest payments based on the certificate rate of 5.40 percent on the 15th of each month beginning Oct. 15, 1993. 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 $62,500,000. The expected weighted average life of the certificates is five years, with an expected final payment in April 1998. In the event of a serious deterioration in credit card performance, the early amortization triggers in this trust provide certificate holders with a high level of credit protection.
 Credit enhancement will consist of an initial cash deposit of 9 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 certificate holders.
 MBNA, which is an excellent servicer, will be responsible for servicing, managing, and making collections on the receivables. MBNA services approximately $9.9 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- 8/24/93
 /CONTACT: Gracen Fraser, 212-908-0520, or David R. Howard, 212-908-0677, both of Fitch/
 (KRB)


CO: MBNA America Bank, National Association ST: IN: FIN SU: RTG

MP -- NY057 -- 5533 08/24/93 15:16 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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