DBRS Assigns Final Ratings to Algonquin Credit Card S2005-1

Dominion Bond Rating Service (“DBRS”) has today assigned finalized ratings to Series 2005-1 Notes issued by Algonquin Credit Card Trust (the “Trust”) as indicated above.

The ratings are based on the following factors:

(1) There are high levels of credit enhancement provided by the excess spread (estimated to be around 8% after including interchange and subtracting the cost of funds and credit losses) and subordination for AAA and “A” Notes at 20.5% and 10.5%, respectively;
(2) The Trust Portfolio has a diverse client base across Canada; and
(3) Capital One Bank is a diversified financial services company with large international credit card operations.

This is the first public issue of the Trust.

The Trust Portfolio had revenue yields (including interchange) between 16.86% and 19.50% and loss rates between 4.96% and 6.04% since 2002. Over the same period, the average monthly payment rates varied between 9.09% and 10.25%. The payment rate is lower and the loss rate is generally higher than other credit card programs in Canada. Credit enhancement levels have been sized accordingly to reflect its historical performance.

Capital One Bank (Canada Branch) and its affiliates have been issuing credit cards in Canada since late 1996 and currently have receivables in excess of Cdn$2.6 billion. Capital One Bank is a subsidiary of Capital One Financial Corporation, a diversified consumer financial services company in the U.S. with US$46.4 billion in managed credit card assets measured by aggregate outstanding balance as of June 30, 2005.