On June 30, 2005, Standard & Poor's Ratings Services placed its ratings on MBNA Corp. and its affiliate, MBNA America Bank N.A., including the 'BBB' long-term counterparty credit ratings on MBNA Corp., on CreditWatch with positive implications. The rating actions follow the announcement that Bank of America Corp. (BoA) is purchasing MBNA, the premier monoline credit card company, known for its affinity marketing strategy. The transaction will more than triple BoA's portfolio and make it the leading credit card issuer in the country, with more than $165 billion of managed receivables. In all, credit cards will account for approximately 26% of managed loans at the combined company. The transaction will have a slight beneficial impact on BoA's asset quality, as...
Companies mentioned in this report are:
- MBNA Corp.
- Bank of America Corp.
- FIA Card Services N.A.
Action: On CreditWatch:Positive
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