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MBNA AMERICA BANK NA $200 MILLION SUBORDINATED DEBT RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

MBNA AMERICA BANK NA $200 MILLION SUBORDINATED DEBT RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 15 /PRNewswire/ -- MBNA America Bank NA's $200 million subordinated notes are rated 'A' by Fitch. The credit trend is stable.
 MBNA America Bank NA is the primary subsidiary of MBNA Corp., comprising roughly 99 percent of consolidated assets. MBNA Corp. is a bank holding company that primarily offers credit cards, and was spun off from MNC Financial Corp. in early 1991. It is one of the country's largest and best managed credit card operations, specializing in affinity group marketing and strong customer service. As a result of this focus, MBNA Corp. has a high-quality, loyal customer base which has generated consistently strong earnings. This has also protected them fairly well from the increasing competitiveness in the credit card industry as MBNA Corp.'s pool of serviced receivables has grown at a compound annual rate of 24.2 percent since year-end 1989. For the first six months of this year, MBNA Corp. had a typically high return on assets of 2.5 percent with annualized chargeoffs of 3.0 percent staying well below industry averages.
 Both entities maintain strong balance sheets, which will be supplemented in part by the new subordinated debt, which is considered part of the bank's Tier 2 capital. Adjusted for this issuance, at June 30, MBNA America Bank's and MBNA Corp.'s total risk-based capital ratios were 13.6 percent and 19.47 percent, respectively. This strong capitalization assures that MBNA Corp. could absorb any unexpected amortization related to previous securitizations of credit card receivables. It also qualifies MBNA America Bank as a "well capitalized" bank by regulatory standards, which facilitates the issuance of certificates of deposit in national markets. Despite the lack of a retail branch network, MBNA America Bank is still primarily retail funded and has a national CD program of $1.4 billion as an additional source of funds.
 -0- 9/15/92
 /CONTACT: Nancy E. Stroker, 212-908-0533, or Helene L. Moehlman, 212-908-0606, both of Fitch/
 (KRB) CO: MBNA America Bank NA ST: IN: FIN SU: RTG


AH -- NY074 -- 9794 09/15/92 16:26 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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