Concern over worsening global economic prospects prompted selling of credit card issuers' shares Friday in a down market.
MBNA Corp. dropped 8.4%, to $36 a share, after Morgan Stanley Dean Witter downgraded the Wilmington, Del., banking company to an "outperform" rating from "strong buy." Morgan cited the ill effects of a slowing economy. "The risk-reward of investing in credit card companies is not as strong as it once was," said Kenneth Posner, an analyst at Morgan Stanley. "If people start to look at GDP growth, they are going to start to worry about credit risk."