BN  14:39 Standard & Poor's September U.S. Credit Card Index (Table)            
                                                                                
                                                                                
     Washington, Nov. 21 (Bloomberg) -- The amount of U.S.                      
credit card loans written off as uncollectible rose to 6.8                      
percent at an annualized rate in September, according to                        
Standard and Poor's.                                                            
    The amount of loan balances in which a monthly payment                      
was 30 days or more past due rose to 5.4 percent annualized                     
from 5.2 percent in August.                                                     
    The Credit Card Index report is based on the credit performance             
of more than $388.1 billion of outstanding credit card receivables              
held in trusts of publicly rated credit card-backed securities,                 
which makeup nearly two-thirds of the total bankcard market.                    
*T                                                                              
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                   Sept.    Aug.    July    June    May    April   March    Feb.
                    2002    2002    2002    2002    2002    2002    2002    2002
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Chargeoff Rate     6.80%   6.60%   6.80%   6.90%   7.10%   7.40%   7.60%   6.70%
Delinquency Rate   5.40%   5.20%   5.10%   5.10%   5.00%   5.20%   5.30%   5.50%
Outstanding ($b)  $388.1  $389.8  $388.6  $381.7  $381.4  $373.6  $375.9  $378.9
Yield             18.30%  18.30%  18.70%  17.90%  18.60%  18.40%  19.50%  18.40%
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                   Sept.    Aug.    July    June    May    April   March    Feb.
                    2002    2002    2002    2002    2002    2002    2002    2002
================================================================================
Weighted base      4.40%   4.40%   4.40%   4.50%   4.50%   4.40%   4.50%   4.40%
Excess Spread      7.20%   7.40%   7.50%   6.60%   6.90%   6.50%   7.30%   7.30%
Payment Rate      15.60%  16.10%  16.10%  15.20%  16.50%  15.60%  16.20%  14.90%
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NOTE: All percentages are annualized. Yield refers to the percentage of income  
collected during the month, payment rate refers to the monthly rate at which    
cardholders repay their balances.  The weighted base is the bond's liabilities  
(interest to investors) weighted on the invested amount plus servicing fees.    
The excess spread is the total income minus base minus losses.                  
                                                                                
SOURCE: Standard and Poor's                                                     
*T                                                                              
--Kristy McKeaney in Washington (202) 624-1974, kmckeaney@bloomberg.net