Fitch Ratings places the class C notes and certificates issued under the MBNA Credit Card Master Note Trust (MBNA CCMNT) and MBNA Master Credit Card Trust II (MBNA MTII) on Rating Watch Positive. The action affects approximately $5.3 billion in class C securities issued through MBNA CCMNT and MBNA MTII. Concurrently, Fitch affirms the class A and class B ratings issued from the above referenced trusts, respectively. Additionally, Fitch affirms the 'F1+' rating assigned to the series 2001-Emerald notes. A complete list of outstanding series is attached at the end of this release.

The action follows Fitch's assignment of an 'ABPS/S 1-' ABS seller/servicer rating to MBNA's credit card origination and servicing operations. When factoring in MBNA's high seller/servicer rating, the available credit enhancement likely exceeds that necessary for the existing class C ratings. Fitch anticipates that the excess protection could lead to a potential rating change of up to one notch.

Fitch has always recognized the importance of seller/servicer operations in asset-backed securities performance and in its credit rating process. More recently, Fitch incorporated seller/servicer ratings into its formal credit process for rating credit card ABS transactions. In doing so, seller/servicers achieving ratings in the highest categories (1, 1-, 2+) are expected to benefit from lower credit enhancement levels while those rated in the lower categories (4 and below) may see a need for additional support or alternative arrangements, such as back-up servicing arrangements.

Fitch rates ABS seller/servicers on a scale of 1 to 5, with 1 (no 1+) being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For further information about Fitch ABS seller/servicer ratings, see the report 'ABS Seller/Servicer Rating: Credit Where Credit Is Due,' dated Sept. 14, 2004 and 'ABS Seller/Servicer Rating: Credit Card Addendum,' dated Dec. 4, 2004, available on the Fitch Ratings web site www.fitchratings.com.

The following series are affected by Fitch's rating actions:

MBNA Credit Card Master Note Trust

-- Class A 2001-1

-- Class A 2001-2

-- Class A 2001-3

-- Class A 2001-Emerald

-- Class A 2001-5

-- Class A 2002-1

-- Class A 2002-2

-- Class A 2002-3

-- Class A 2002-4

-- Class A 2002-5

-- Class A 2002-7

-- Class A 2002-8

-- Class A 2002-9

-- Class A 2002-10

-- Class A 2002-11

-- Class A 2002-12

-- Class A 2002-13

-- Class A 2003-1

-- Class A 2003-2

-- Class A 2003-3

-- Class A 2003-4

-- Class A 2003-5

-- Class A 2003-6

-- Class A 2003-7

-- Class A 2003-8

-- Class A 2003-9

-- Class A 2003-10

-- Class A 2003-11

-- Class A 2003-12

-- Class A 2004-1

-- Class A 2004-2

-- Class A 2004-3

-- Class A 2004-4

-- Class A 2004-5

-- Class A 2004-6

-- Class A 2004-7

-- Class A 2004-8

-- Class A 2004-9

-- Class A 2004-10

-- Class A 2005-1

-- Class A 2005-2

-- Class A 2005-3

-- Class B 2001-1

-- Class B 2001-2

-- Class B 2001-3

-- Class B 2002-1

-- Class B 2002-2

-- Class B 2002-3

-- Class B 2002-4

-- Class B 2003-1

-- Class B 2003-2

-- Class B 2003-3

-- Class B 2003-4

-- Class B 2003-5

-- Class B 2004-1

-- Class B 2004-2

-- Class B 2005-1

-- Class C 2001-1

-- Class C 2001-2

-- Class C 2001-3

-- Class C 2001-4

-- Class C 2001-5

-- Class C 2002-1

-- Class C 2002-2

-- Class C 2002-3

-- Class C 2002-4

-- Class C 2002-5

-- Class C 2002-6

-- Class C 2002-7

-- Class C 2003-1

-- Class C 2003-2

-- Class C 2003-3

-- Class C 2003-4

-- Class C 2003-5

-- Class C 2003-6

-- Class C 2003-7

-- Class C 2004-1

-- Class C 2004-2

-- Class C 2005-1

MBNA Credit Card Master Trust II

-- Series 1995-C

-- Series 1996-B

-- Series 1996-G

-- Series 1996-M

-- Series 1997-B

-- Series 1997-D

-- Series 1997-H

-- Series 1997-K

-- Series 1997-O

-- Series 1998-B

-- Series 1998-E

-- Series 1998-F

-- Series 1998-G

-- Series 1999-B

-- Series 1999-D

-- Series 1999-J

-- Series 1999-L

-- Series 2000-D

-- Series 2000-E

-- Series 2000-G

-- Series 2000-H

-- Series 2000-I

-- Series 2000-J

-- Series 2000-K

-- Series 2000-L

-- Series 2001-A

-- Series 2001-B

-- Series 2001-C

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.