Moody's rates Point-Plus First notes Aaa

Moody's Investors Service said it assigned an Aaa rating to the $300 million floating-rate secured notes due 2012 issued by Point-Plus First International Ltd. The transaction is brought to the market by BNP Paribas.

The rating addresses the expected loss posed to investors by the legal final maturity date in August 2012, the agency said.

Moody's also said it considered the credit quality of the underlying credit card receivables, subordination provided by the subordinated seller interest and the fully funded reserve to cover certain liquidity requirements.

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