Master Notes

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Master Notes

Short-term debt securities issued by the Federal Farm Credit Bank with a face value of $25 million. They mature one year after issue and pay a coupon linked to LIBOR or another benchmark rate. The holder of a master note may change the principal amount by up to 25% or use it as the underlying asset in a put or a call. These features give master notes a great deal of flexibility.
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Standard & Poor's today assigned its preliminary triple-'A' rating to MBNA Credit Card Master Note Trust's $500 million floating-rate class A(2001-2) notes.
NEW YORK -- Fitch Ratings has affirmed the long-term ratings and Outlooks assigned to GE Capital Credit Card Master Note Trust as follows:
NEW YORK -- Fitch Ratings has affirmed the long-term ratings, Loss Severity (LS) ratings and Rating Outlooks assigned to GE Capital Credit Card Master Note Trust as follows:
American Express Issuance Trust; --BA Credit Card Trust; --Capital One Multi-asset Execution Trust; --Chase Issuance Trust; --Citibank Credit Card Issuance Trust; --Citibank Omni Master Trust; --Discover Card Execution Note Trust; --Washington Mutual Master Note Trust.
NEW YORK -- Fitch Ratings has placed the ratings of asset-backed securities issued out of First National Master Note Trust (the trust) on Rating Watch Negative.
Cabelas Credit Card Master Note Trust Series 2005-1:
NEW YORK -- As part of its ongoing surveillance process, Fitch Ratings has affirmed all rated notes of the 2006-2, 2007-1, and 2007-2 series of GE Dealer Floorplan Master Note Trust as follows:
CHICAGO -- Fitch rates CNH Wholesale Master Note Trust, Series 2009-1 as follows:
NEW YORK -- Fitch Ratings has downgraded First National Master Note Trust series 2008-2 and 2008-3 class B notes to 'A-' from 'A', and class D notes to 'BB' from 'BB+'.
NEW YORK -- Fitch Ratings has downgraded the ratings on the senior notes and has also placed the subordinate notes and cash collateral accounts issued by 1st Financial Credit Card Master Note Trust, 1st Financial Credit Card Master Note Trust II and 1st Financial Credit Card Master Note Trust III on Rating Watch Negative (see list below).
NEW YORK -- Fitch rates GE Capital Credit Card Master Note Trust, series 2009-1 notes as follows:
NEW YORK -- Fitch Ratings has elected to publish ratings of certain classes issued from 1st Financial Bank USA's 1st Financial Credit Card Master Note Trust II and 1st Financial Credit Card Master Note Trust III on its web site.

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