Moody's Investors Service said the credit card yield of securitized receivables fell to a record low in January because of intensified competition and bad weather, but found credit quality continued to improve.

The portfolio yield, which Moody's defines as cash income received -- annualized as a percentage of outstanding principal balances -- in the securitized pools of credit card receivables, fell to 18.45%, compared to 19.95% in January 1993.

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