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Fitch assigns a rating of 'AAA' to the $1 billion class A notes issued by the BA Credit Card Trust (formerly known as MBNA Credit Card Master Note Trust) through the BAseries (formerly known as MBNAseries). The class A (2006-15) notes have a floating rate coupon of one-month LIBOR plus 0.00% per year payable monthly with an expected maturity date of November 15, 2011. The BA Credit Card Trust is a Delaware statutory business trust that has been structured to allow maximum flexibility in issuance, as well as ERISA eligibility for all classes of notes. On June 30, 2005, Bank of America Corporation announced an agreement to purchase credit card issuer MBNA Corporation. The merger was completed on Jan 1, 2006. The notes issued by BA Credit Card Trust are secured by a collateral certificate issued by BA Master Credit Card Trust II (formerly known as 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 BA Master Credit Card Trust II. BA Master Credit Card Trust II consists of receivables generated from American Express and Visa and MasterCard credit card accounts. Accounts in the trust have been originated by FIA Card Services or one of its predecessor institutions: Bank of America, Fleet, or MBNA. FIA originates and owns credit card accounts from which receivables may be transferred to Banc of America Consumer Card Services, LLC (referred to as BACCS). The receivables transferred to BACCS have been sold, and may continue to be sold, to Funding for addition to the master trust II. FIA is also the servicer for the master trust II and is therefore responsible for servicing, managing, and making collections on the credit card receivables in the master trust II. The rating reflects the credit quality of the collateral certificate, which is based on the quality of the receivables that make up BA Master Credit Card Trust II, the required credit enhancement, the servicing expertise of FIA Card Services, N.A., and the transaction's legal and financial structures. BAseries 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 8.10811% of class C notes. These subordination levels provide equivalent credit enhancement as a single tranche series. For historical trust performance on BA Master Credit Card Trust II please refer to Fitch Ratings Asset-Backed Surveillance available on www.fitchratings.com.
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