DBRS Assigns Rtg to Gloucester Credit Card Trust Ser 2005-1

Dominion Bond Rating Service ("DBRS") has assigned ratings as indicated above to Gloucester Credit Card Trust (the “Trust”).

The ratings are based on the high level of credit enhancement available in the form of excess spread (currently approximately 10.5%) and, for the Class A Notes, preferential access to cash flows over the Collateral ownership interest (which constitutes 15.5% of the total Series 2005 1 amount). Excess spread and a Spread Account (initially 1.25% of the Series 2005 1 co-ownership interest, which may build to a maximum of 6%, depending on quarterly excess spread percentage) offer protection to the Collateral Notes.

Proceeds from the issuance of the Notes were applied toward the purchase of undivided co-ownership interests in a pool of receivables arising from eligible MasterCard accounts originated and serviced by MBNA Bank Canada. Both the Class A and the Collateral Notes for Series 2005-1 have an Expected Final Payment Date of November 15, 2008.

MBNA Canada, a wholly owned subsidiary of MBNA America, has been issuing credit cards in Canada since January 1998 and currently has receivables in excess of Cdn$4.6 billion.