NEW YORK -- Standard & Poor's Corp. said it affirmed its Aa-plus rating on MBNA Credit Card Trust 1988-C 9.65% asset-backed certificates. S&P removed the security from its credit watch list, where it was placed June 16 with negative implications.
The credit watch followed a downgrade of Barclays Bank PLC, which provided credit-support backing for the MBNA issue.
The certificates have entered their controlled-amortization period as scheduled, S&P said.
"The AA-plus rating is affirmed due to the 12 month expected remaining life of the certificates, the A1-plus short-term debt rating of the letter-of-credit provider, and the strong performance of the receivables," S&P added.
