MBNA MCCTII $1.16B Series 2001-A Exp `AAA'/'A+' By Fitch

Business Wire, Feb 5, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 5, 2001

MBNA Master Credit Card Trust II's $1.1 billion class A floating-rate asset-backed certificates and $93.75 million class B floating-rate asset-backed certificates series 2001-A are expected to be rated `AAA' and `A ', respectively, by Fitch. The certificates are backed by a pool of receivables generated under MBNA MasterCard and Visa accounts. The ratings are based on the high quality of the receivables pool, available credit enhancement, MBNA's underwriting and servicing expertise, and sound legal and cash flow structures.

Credit enhancement for the class A certificates totals 15% and is comprised of 7.5% subordination of class B certificates and a 7.5% collateral interest. The class B certificates, in turn, are enhanced 7.5% by the collateral interest.

With the levels of credit enhancement available, the class A certificates can withstand simultaneous declines of 35% in yield and 45% in monthly payment rates while chargeoffs increase to a level of 36.7%. The class B certificates with the 7.5% credit enhancement can withstand simultaneous declines of 25% in yield and 35% in monthly payment rates while chargeoffs increase to a level of 23.4% and still make full interest and principal payments to investors. In addition, to address the interest rate and basis risk associated with uncapped floating coupons, the available enhancement enables a coupon stress to historic-high LIBOR levels without a one to one increase in yield.

Investors are protected from deterioration in credit quality by early amortization events, which would trigger an early payout of investor principal. However, MBNA's historically healthy and stable excess spread levels help to minimize this early amortization risk.

Class A certificateholders will receive a floating monthly interest payment of 0.15% over one-month LIBOR and class B certificateholders will receive a floating monthly interest payment of 0.45% over one-month LIBOR, throughout the revolving and accumulation periods and on the scheduled payment date, provided an early payout event does not occur. Interest will be paid on the 15th of each month commencing April 16, 2001. Following a variable accumulation period, principal is expected to be paid to certificateholders on the February 2006 distribution date. The series termination date is July 2008. As a part of Group One, series 2001-A will share excess principal collections with other Group One series. Including the issuance of Series 2001-A, there are 71 series currently outstanding in MBNA Master Credit Card Trust II.

For information about performance on any outstanding MBNA MCCT II series please refer to Fitch Asset-Backed Surveillance on Fitch's web site located at `www.fitchratings.com.'