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STANDARD CREDIT CARD MASTER TRUST 1992-1 CLASS B 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 STANDARD CREDIT CARD MASTER TRUST 1992-1 CLASS B 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 24 /PRNewswire/ -- Standard Credit Card Master Trust I $134.8 million Series 1992-1 Class B certificates are rated 'A+' by Fitch. Ratings on Series 1991-1 through 1991-6 and 1992-2 Class A at 'AAA' and Class B at 'A+' are affirmed.
 Class B's rating reflects the quality of the receivables, the terms of Series 1992-1 Class A certificates and the available credit enhancement. Class B is subordinate to Class A and covers 8 percent of the combined Class A and Class B invested amount. Class B's 6.25 percent credit enhancement is a cash collateral account (approximately 4.75 percent) and a letter of credit (LOC) (approximately 1.5 percent). The LOC bank is State Street Bank and Trust Co. The credit enhancement is for the sole benefit of Class B certificate holders and represents 78 percent coverage of the Class B invested amount.
 Concurrent with the issuance of Class B, Class A participation certificates will be issued from the master trust backed by the master trust's receivables. The maximum amount of Class A certificates will be $1.55 billion. The Class A certificates will be purchased by McKenna Triangle Corp., a limited purpose special purpose corporation. McKenna will purchase Class A with proceeds of privately placed commercial paper notes issued by Mckenna Triangle National Corp., a wholly owned subsidiary of McKenna.
 The commercial paper will be issued with maturities up to 270 days. CP will be repaid either by new issuance, borrowings under the liquidity facilities or payments on the Class A certificates held by McKenna. The commercial paper is required to be rated in the highest short term category. The commercial paper program will not affect the credit enhancement available to Class B certificateholders.
 Class A's certificate rate is floating. The rate will be calculated, subject to a number of conditions, to equal McKenna's financing costs. An interest rate cap agreement provided by Credit Lyonnais limits the master trust's exposure to fluctuations in Class A's certificate rate. Class B certificate rate is fixed at 6.25 percent and is payable semi-annually on the 7th of February and August beginning Feb. 7, 1993.
 Class A's scheduled amortization will commence after a 48 month revolving period. The Class A controlled amortization amount will not exceed 1/12th of the Class A invested amount at the end of the revolving period. Based on this schedule, Class A should be repaid in August 1997. Class B will not receive any principal payments until Class A is repaid in full. Class B is expected to be repaid in September of 1997.
 Finance charges and principal collections for series 1992-1 will be shared with the other series in group one of the master trust, similar to previously issued series.
 The sellers are Citibank (South Dakota), N.A. and Citibank (Nevada), N.A. The aggregate amount of receivables currently in the trust is approximately $11 billion. Citibank (South Dakota), which is an excellent servicer, is responsible for servicing and making collections on the receivables, Citibank services over $30 billion in credit card receivables.
 -0- 8/24/92
 /CONTACT: J. Douglas Murray, 212-908-0518, Gracen Fraser, 212-908-0520, or Gregory G. Raab, 212-908-0536, all of Fitch/ CO: Standard Credit Card Master Trust ST: IN: FIN SU: RTG


PS -- NY049 -- 2599 08/24/92 12:57 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
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