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Announcement:

Moody's confirms ratings of Capital One credit card ABS

20 Dec 2010

Approximately $21.6 billion of asset-backed securities affected

New York, December 20, 2010 -- Moody's confirmed today the ratings on 47 classes of asset-backed securities issued out of the Capital One Multi-asset Execution Trust ("COMET"). Moody's has also confirmed the Ba1 (sf) Counterparty Instrument Rating to the Swap Agreement relating to credit card backed notes issued by COMET Class C(2004-3) (the "Counterparty Rating"). The COMET securities are backed by a $42 billion revolving pool of consumer and small business credit card receivables originated by Capital One Bank (USA), N.A. ("Capital One Bank"). These securities were initially placed under review for possible downgrade on July 28, 2010; the review period was extended on November 4.

RATINGS RATIONALE

The rationale for the review and confirmation of the COMET ratings was centered on the countervailing credit effects of an incremental weakening of the financial strength of the seller/servicer, Capital One Bank, and the improvement in the collateral backing the securitized COMET notes. We believe that the improvement in and trajectory of collateral performance offsets the negative implications of a downgrade of the seller/servicer If Capital One Bank is downgraded further, or if the improvement in collateral performance reverses, a downgrade of COMET's ratings would be likely, all else being equal. For example, if Capital One Bank were to be downgraded by one more notch to Baa1, the senior class of COMET ABS would likely be downgraded by as much as two notches..

CREDIT LINKAGE TO THE SELLER/SERVICER

The financial strength of the seller/servicer is an important factor in Moody's determination of card ABS ratings, as an issuer's ongoing willingness and ability to maintain card utility (i.e., the purchase rate) is a significant driver of trust collateral performance in an early amortization scenario. This linkage also reflects the ongoing role of a seller/servicer in card ABS programs (e.g. underwriting, risk management, and servicing). Therefore, as a result of the downgrade of Capital One Bank, we have adjusted our purchase rate assumption for COMET.

COMET THROUGH THE CREDIT CRISIS

Like others in the credit card sector, Capital One's trust performance materially deteriorated during the credit crisis. Unlike most others, however, Capital One chose not to increase the credit enhancement to its ABS notes. As a result, Moody's downgraded the two most junior classes of notes in 2009. The ratings on the more senior Class A and Class B notes, though marginally weaker, remained unchanged.

COLLATERAL PERFORMANCE IMPROVING

Since then, concerns about collateral performance for both Capital One and the industry as a whole have abated somewhat. As the economy emerges from recession, important economic drivers of credit card performance, in particular unemployment, have stabilized, and Moody's revised the outlook on the U.S. credit card ABS sector to stable from negative on November 22. In addition, the credit quality of securitized portfolios of credit cards, including COMET's, appears to be strengthening as evidenced by meaningful improvements in charge-offs and delinquency rates. For COMET, charge-offs have fallen from a peak of 12.7% in March 2010 to 9.4% in November, 2010, a drop of 26%, while the early-stage delinquencies are currently at historical lows. We expect these metrics to continue to improve.

Moody's changed its performance expectations for COMET in November. Our current expected range for the gross charge-off rate is 7.5%-9.5%, for the principal payment rate is 16%-19%, and for the yield is 20%-23%.

Performance expectations indicate our forward-looking view of the likely range of performance over the medium term. From time to time, we may, if warranted, change these expectations. Performance that falls outside a given range may indicate that the collateral's credit quality is stronger or weaker than anticipated when the related securities were rated. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

COUNTERPARTY RATING

The Counterparty Instrument Rating is based upon the pari passu ranking of swap payments relative to the payments to the COMET Class C(2004-3) noteholders in the transaction waterfall. Consequently, in the ordinary course of events, the ability of COMET to honor its obligations to make the swap payments is considered equal to its ability to make the scheduled payments on the underlying notes. The ratings history of the swap is highly correlated to the ratings history of the related COMET Class C(2004-3) notes. As a result, given the confirmation of the COMET Class C(2004-3) Ba1 (sf) rating, the Counterparty Instrument Rating was also confirmed.

The complete rating actions are as follows:

Issuer: Capital One Multi-asset Execution Trust

$500,000,000 Class A (2004-1) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2004-4) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$200,000,000 Class A (2004-5) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2004-7) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2004-8) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$750,000,000 Class A (2005-1) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$455,000,000 Class A (2005-6) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2005-7) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$325,000,000 Class A (2005-9) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2005-10) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2006-1) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$400,000,000 Class A (2006-3) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$1,000,000,000 Class A (2006-4) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2006-5) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2006-6) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$1,000,000,000 Class A (2006-7) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$300,000,000 Class A (2006-8) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2006-10) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$750,000,000 Class A (2006-11) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2006-12) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$625,000,000 Class A (2007-1) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$700,000,000 Class A (2007-2) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$750,000,000 Class A (2007-4) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$600,000,000 Class A (2007-5) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$1,000,000,000 Class A (2007-7) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2007-8) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$200,000,000 Class A (2007-A) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2008-B) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$600,000,000 Class A (2008-3) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$750,000,000 Class A (2008-5) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$500,000,000 Class A (2008-6) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$1,000,000,000 Class A (2009-2) confirmed at Aaa (sf); previously on July 28,2010 placed under review for possible downgrade

$150,000,000 Class B (2004-3) confirmed at A2 (sf); previously on July 28, 2010 placed under review for possible downgrade

$184,605,000 Class B (2004-7) confirmed at A2 (sf); previously on July 28, 2010 placed under review for possible downgrade

$175,000,000 Class B (2005-1) confirmed at A2 (sf); previously on July 28, 2010 placed under review for possible downgrade

$100,000,000 Class B (2005-3) confirmed at A2 (sf); previously on July 28, 2010 placed under review for possible downgrade

$175,000,000 Class B (2006-1) confirmed at A2 (sf); previously on July 28, 2010 placed under review for possible downgrade

$350,000,000 Class B (2007-1) confirmed at A2 (sf); previously on July 28, 2010 placed under review for possible downgrade

$250,000,000 Class C (2003-3) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$100,000,000 Class C (2004-2) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$367,500,000 Class C (2004-3) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$175,000,000 Class C (2006-1) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$100,000,000 Class C (2006-2) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$125,000,000 Class C (2006-3) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$300,000,000 Class C (2007-1) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$250,000,000 Class C (2007-2) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

$350,000,000 Class C (2007-4) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

Counterparty Instrument Rating to the Swap Agreement relating to credit card backed notes issued by COMET Class C(2004-3) confirmed at Ba1 (sf); previously on July 28, 2010 placed under review for possible downgrade

The principal methodology used in rating COMET and the Counterparty Rating was "Moody's Approach to Rating Credit Card Receivables-Backed Securities -- Rating Methodology," published in April 2007, and the "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions -- Rating Methodology," published in October 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. Further information on Moody's analysis of these transactions is available on www.moodys.com. 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.

New York
William Black
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Matias Langer
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's confirms ratings of Capital One credit card ABS
No Related Data.
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