MBNA Corp.'s $457.5 million of credit card backed notes issued in Europe has received an Aaa rating for Class A certificates and a A2 rating for Class B certificates from Moody's Investors Service.

The Newark, Del., credit card bank set aside 8.5% of the $500 million issue for first-loss credit protection. Both classes of notes were privately issued.

It was MBNA's second European deal this year. Its United Kingdom subsidiary earlier issued a credit card securitization denominated in pounds.

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