COLUMBUS, Ohio, Feb. 18 /PRNewswire/ -- Banc One Corporation (NYSE: ONE)
today confirmed that it has been meeting with Moody's, Standard & Poor's and
three banks which provide credit enhancement to review alternative actions
designed to avert early amortization or reduction in the rating of outstanding
investor certificates issued by Banc One Master Trust.  On January 24, 1997,
Moody's Rating Update Review reported that Moody's Investor Services placed on
review $2.66 billion in securities backed by Banc One credit card receivables
as a result of increasing charge-offs being experienced in the industry and by
the master trust.
    Banc One is fully committed to continued use of credit card
securitizations as a funding strategy and the credit card business as
exemplified by the January 20, 1997, announcement to merge with First USA,
Inc. (NYSE: FUS).  Over the last several weeks Banc One has been reviewing
alternative actions that can be taken to bolster investor and rating agency
confidence and avert the possibility of early amortization.  While certain
unilateral actions have already been taken or are underway, others being
considered may require permission and/or support from the other parties
involved.
    Last week Banc One completed a review of these strategic alternatives with
Moody's and Standard & Poor's, as well as the three banks.  These reviews, as
well as continuing discussions with the rating agencies and credit enhancing
banks, leave Banc One encouraged that a favorable resolution of the issues can
be achieved in the coming weeks.
    At December 31, 1996, Banc One had a managed credit card portfolio of
$12.6 billion of which $3.3 billion had been securitized.  First USA Inc.
manages a credit card portfolio of $22.4 billion of which $17.2 billion had
been securitized.  Completion of the merger transaction will make Banc One the
third largest bank credit card issuer in the United States serving over
32 million customers.

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