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Fitch Rates Capital One Multi-asset Execution Trust Class B -- 2004-1 -- 'A'.
Business Editors
NEW YORK--(BUSINESS WIRE)--Jan. 30, 2004
Fitch Ratings assigns ratings of 'A' to $250 million Class B (2004-1) card series notes issued by the Capital One Multi-asset Execution Trust (COMET). The class B (2004-1) notes accrue interest at a rate equivalent to the one-month LIBOR plus 44 basis points (payable monthly), and have expected principal and legal maturity dates of Jan. 15, 2009 and Nov. 15, 2011, respectively.
The ratings are based on the strength of the Visa and MasterCard receivables pool, the available credit enhancement, the servicing expertise of Capital One Bank, and the transaction's sound legal and cash flow structures. The class B (2004-1) notes will receive payments of principal and interest pro rata with other class B's outstanding based on the stated principal amount of each outstanding series of notes in that tranche. Including the subject transaction, there are currently 8 series of class B notes outstanding.
During October 2002, Capital One created a new issuance vehicle, the COMET Issuance Trust, from which Capital One issues credit card asset-backed securities. The notes issued by COMET Issuance Trust are secured by the Collateral Certificate, series 2002-CC issued by the Capital One Master Trust, the Collection Account and any other supplemental accounts in Asset Pool One, including the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account, the class C Reserve Account and the class D Reserve Account. The collateral certificate ...
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