Fitch Rates $100B MBNA CCMNT, MBNAseries Class C -- 2002-5 -- 'BBB'.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 29, 2002

Fitch Ratings assigns a 'BBB' rating to the $100 billion class C notes issued by the MBNA Credit Card Master Note Trust through the MBNAseries. The class C (2002-5) notes have a fixed-rate coupon of 4.05% payable monthly

The notes issued by MBNA Credit Card Master Note Trust are secured by a collateral certificate issued by MBNA Master Credit Card Trust II, as well as certain trust accounts held by the indenture trustee and any applicable derivative agreements. The collateral certificate represents an undivided interest in the assets of MBNA Master Credit Card Trust II. MBNA Master Credit Card Trust II consists of receivables generated from Visa and MasterCard credit card accounts originated by MBNA America Bank, N.A.. MBNA America Bank, N.A. has transferred the receivables to MBNA Master Credit Card Trust II, with MBNA America Bank, N.A. acting as servicer. MBNA America Bank, N.A. will also be responsible for managing MBNA Credit Card Master Note Trust.

The rating reflects the credit quality of the collateral certificate, which is based on the quality of the receivables that make up MBNA Master Credit Card Trust II, the required credit enhancement, the servicing expertise of MBNA America Bank, N.A., and the transaction's sound legal and financial structures.

MBNAseries is a multiple tranche series which consists of class A, class B and class C notes, with subclasses that may be offered independently and have differing terms, issuance dates and maturities. All of the subclasses of subordinated notes in a multiple tranche series support the senior classes of that series. Although notes of a multiple tranche series can be offered on any date, senior notes may only be offered to the extent the required subordinate amount is outstanding at that time, without regard to the expected maturity of the subordinated notes.

For a multiple tranche series, class A or class B notes can be offered only to the extent that the required subordinated amount is outstanding. The required subordinated amount for the issuance of class A notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class A notes, is approximately 8.82353% of class B notes and 8.82353% of class C notes. The required subordinated amount for the issuance of class B notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class B notes, is 100% of class C notes. These subordination levels provide equivalent credit enhancement as a single tranche series.

For historical trust performance on MBNA Master Credit Card Trust II please refer to Fitch Ratings Asset-Backed Surveillance available on the Fitch Ratings web site at 'www.fitchratings.com'.