Gloucester Credit Card Trust - Recent Announcement by Moody's regarding Credit Card Receivables-Backed Notes

TORONTO, June 29, 2011 /CNW/ - Gloucester Credit Card Trust (the "Trust") announces that, on June 22, 2011, Moody's Investors Service, Inc. ("Moody's") placed on review for possible downgrade the: (i) Series 2004-1 Class A Credit Card Receivables-Backed Notes of the Trust, (ii) Series 2006-2 Class A Credit Card Receivables-Backed Notes of the Trust, and (iii) Series 2008-1 Class A Credit Card Receivables-Backed Notes of the Trust (collectively, the "Notes").

Moody's stated that this rating action follows its announcement on June 2, 2011 that it is reviewing for possible downgrade the long term senior unsecured ratings of MBNA Canada Bank, the seller ("Seller") and servicer ("Servicer") of the credit card receivables and related assets in which the Trust has purchased interests and the administrative agent ("Administrative Agent") of the trustee of the Trust, and FIA Card Services, National Association, the guarantor of the performance by MBNA Canada Bank of its obligations as Seller, Servicer and Administrative Agent under certain agreements.  Moody's also stated that its performance expectations for such credit card receivables and related assets are unchanged and a downgrade of the Notes, if any, is not likely to exceed two notches.

The complete rating action is as follows:

(i)  Gloucester Credit Card Trust Credit Card Receivables-Backed Notes, Series 2004-1, Class A - Placed on Review for Possible Downgrade - Current Rating - Aaa (sf);

(ii) Gloucester Credit Card Trust Credit Card Receivables-Backed Notes, Series 2006-2, Class A - Placed on Review for Possible Downgrade - Current Rating - Aaa (sf); and

(iii)  Gloucester Credit Card Trust Credit Card Receivables-Backed Notes, Series 2008-1, Class A - Placed on Review for Possible Downgrade - Current Rating - Aaa (sf).

The Trust was established to purchase interests in credit card receivables and related assets from MBNA Canada Bank and its affiliates on an on-going basis.

 

SOURCE Gloucester Credit Card Trust

For further information:

Reporters May Contact: 
Jackie Fine, Bank of America Corporation, 980.387.1144
Jackie.Fine@bankofamerica.com

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Gloucester Credit Card Trust

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