DBRS Rates Gloucester Credit Card Trust, Series 2006-1

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%) and for the Class A Notes preferential access to cash flows over the Collateral ownership interest, which constitutes 15.5% of the total Series 2006 1 amount. Excess spread and a Spread Account (initially 1.25% of the Series 2006 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 towards 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 2006-1 have an Expected Final Payment Date of March 15, 2011.

MBNA Canada, a wholly owned subsidiary of MBNA America, has been issuing credit cards in Canada since January 1998 and has receivables in excess of Cdn$4.7 billion as of January 1, 2006.