NEW YORK, Feb. 7 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary triple-'B' rating to Citibank Credit Card Issuance Trust's $350
million 6.95% class 2002-C2 notes of February 2012.
The preliminary rating is based on information as of Feb. 7, 2002.
Subsequent information may result in the assignment of a final rating that
differs from the preliminary rating.
The preliminary rating reflects the strength and experience of Citibank
S.D. N.A. (double-'A'/Stable/'A-1'-plus) as seller, servicer, and originator
of the Issuance Trust and Citibank Nev. N.A. (double-'A'/Stable/'A-1'-plus) as
seller and originator of the Issuance Trust; the strong and stable portfolio
performance of Citibank Credit Card Master Trust I; a dedicated reserve
account that will be funded with excess cash flow once certain trigger levels
are breached; satisfaction of certain issuance conditions; and sound
structural and legal provisions.
A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com/ratings. Under Presale Reports, select
Structured Finance, then Asset-Backed Securities.
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Bonnie Lee Tillen, +1-212-438-2624, or Ildiko
Szilank, +1-212-438-2614, or Michael Binz, +1-212-438-2401, all
of Standard & Poor's
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