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Rating Action:

Moody's concludes review of UK credit card ABS issued under UK Receivables Trust II and UK Receivables Trust

08 Mar 2010

London, 08 March 2010 -- Moody's Investors Service has affirmed the ratings of the Class A asset-backed notes issued under the UK Receivables Trust (UK RT I) and UK Receivables Trust II (UK RT II). Moody's has also taken rating actions on the mezzanine and subordinated classes of notes issued under these two trusts. A complete list of rating actions is below.

Today's rating actions conclude the review process that Moody's initiated in March 2009 for the senior notes and October 2009 for the mezzanine and subordinated notes. The notes were initially placed on review, amongst others, due to concerns stemming from rapid performance deterioration and a review of the purchase rate assumption.

The affirmation of the senior ratings and the upgrade of the mezzanine and subordinated classes of notes is driven by a significant increase in credit enhancement available to outstanding securities. Specifically, MBNA issued additional series of subordinated notes under both UK RTI and UK RT II and has effectively increased the credit enhancement available to all outstanding issuances. Class A, B and C notes issued under UK RT II now benefit from 30%, 26% and 20.4% credit enhancement respectively whereas Class A and Class B issued under UK RTI benefit from 30% and 26.8%.

Three new series have been issued to support all outstanding rated notes issued out of UK RT I and UK RT II:

- Series 2009-A supports all outstanding series issued under UK RT I

- Series 2009-1 supports all outstanding linked series issued out of Deva 1 under UK RT II

- Series 2009-2 supports all outstanding de-linked series issued out of Deva 3 under UK RT II

Series 2009-A Reference Series and associated rating actions:

UK Receivables Trust:

Issuer: Chester Asset Receivables Dealings No. 11 PLC

- EUR730M Class A, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP20M Class B, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

Issuer: Chester Asset Receivables Dealings No. 12 PLC

- GBP264M Class A, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP12M Class B, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

Series 2009-1 Reference Series and associated rating actions:

UK Receivables Trust II:

Issuer: Chester Asset Receivables Dealings 2001-B PLC

- GBP220M Class A, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP12.5M Class B, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

- GBP17.5M Class C, Upgraded to A1; previously on Oct 5, 2009 Ba1 Placed Under Review for Possible Downgrade

Issuer: Chester Asset Receivables Dealings 2003-B PLC

- GBP220M Class A, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP12.5M Class B, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

- GBP17.5M Class C, Upgraded to A1; previously on Oct 5, 2009 Ba1 Placed Under Review for Possible Downgrade

Issuer: Chester Asset Receivables Dealings 2003-C PLC

- EUR621M Class A, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- EUR35.5M Class B, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

- EUR49.5M Class C, Upgraded to A1; previously on Oct 5, 2009 Ba1 Placed Under Review for Possible Downgrade

Issuer: Chester Asset Receivables Dealings 2004-1 PLC

- GBP440M Class A, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP25M Class B, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

- GBP35M Class C, Upgraded to A1; previously on Oct 5, 2009 Ba1 Placed Under Review for Possible Downgrade

Series 2009-A and Series 2009-1 provide additional credit enhancement by reducing the allocation of defaults to the respective reference series, thus providing enhanced subordination to the outstanding series. In summary, Series 2009-A and Series 2009-1 Issuers have entered into a defaulted receivables purchase agreement with the beneficiaries of UK RTI and UK RTII respectively. Pursuant to this agreement, in specific circumstances, defaulted receivables will be purchased by Series 2009-A and Series 2009-1 from the Receivables Trustee and thus reduce the amount of defaulted receivables allocated to the respective reference series.

Moody's has considered legal analysis provided by transaction counsel to MBNA Europe Bank Limited, which concludes that the proposed structure will not be affected by, and will survive, the insolvency of the Transferor, MBNA Europe Bank Limited. Furthermore, transaction documents specify that the excess spread amortisation trigger for all the Series 2009-1 reference series will be calculated excluding the repurchase of any defaulted receivables by the Series 2009-1 Issuer. Series 2009-1 and Series 2009-A can be partially amortised when a particular reference series has been entirely redeemed.

Class C (Series 2009-2) Reference Series and associated rating actions:

UK Receivables Trust II:

Issuer: Chester Asset Receivables Dealings Issuer Limited

- GBP300M Series 2004 A1 Notes, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- EUR125M Series 2004 B1 Notes, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

- EUR175M Series 2004 C1 Notes, Upgraded to A1; previously on Oct 5, 2009 Ba1 Placed Under Review for Possible Downgrade

- GBP250M Series 2006 A1 Notes, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP50M Series 2006 B1 Notes, Upgraded to Aa2; previously on Oct 5, 2009 A3 Placed Under Review for Possible Downgrade

- GBP70M Series 2006 C1 Notes, Upgraded to A1; previously on Oct 5, 2009 Ba1 Placed Under Review for Possible Downgrade

- EUR350M Series 2008 A1 Notes, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

- GBP300M Series 2008 A2 Notes, Confirmed at Aaa; previously on Mar 3, 2009 Aaa Placed Under Review for Possible Downgrade

The Class C (Series 2009-2) is issued under the existing de-linked platform to support all the outstanding series issued by the Chester Asset Receivables Dealings (CARDS) issuer. Although Series 2009-2 is a Class C note, various features of this series ensure that this class is subordinated to all outstanding and future issuances of Class A, B and C notes. Amongst others, the principal collections allocated to Class C (Series 2009-2) will be used to reduce aggregate investor default amounts thereby leading to reduced un-reimbursed losses allocated to Class A, B and C notes and allocation of write-offs to Class C (Series 2009-2) occurs in priority to other Class C loan notes.

Moody's expects charge-offs to range between 12% and 14% on a medium to long-term basis for the UK MT II and between 11% and 13% for UK MT I. It expects payment rates to range between 11% and 13% for UK MT II and between 9.5% and 11.5% for UK MT I and yield to range between 19% and 21% for UK MT II and between 19% and 21% for UK MT I. These performance expectations indicate Moody's forward-looking view of the likely range of performance over the medium term. Furthermore, MBNA is also expected to exercise the Discounting Option whereby new receivables will be sold at a discount to the trust. The discounting option is currently exercised for a period of five months with a ramp down period of another four months where the discounting percentage will decrease by 1% each month.

Moody's has analysed and will monitor this transaction using the rating methodology for credit card receivables-backed transactions as described in the Rating Methodology report "Moody's Approach to Rating Credit Card Receivables-Backed Securities", published in April 2007 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

London
Benedicte Pfister
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Durga Bhavani
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's concludes review of UK credit card ABS issued under UK Receivables Trust II and UK Receivables Trust
No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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