Citibank Credit Card Master Trust I (CCCMTI) was launched in May 1991, and issued in the public markets from May 1991 through December 1999. In September 2000, Citibank Credit Card Issuance Trust (CCCIT) became the primary issuance vehicle of notes supported by the credit card receivables owned by CCCMTI. CCCMTI owns the receivables supporting all issuance of notes by these vehicles.
CCCMTI's securitizations are backed by credit card receivables originated and serviced by Citibank, N.A. (rated Moody's A2/ S&P A/ Fitch A). Citibank became seller of receivables to, and servicer of, the Master Trust as a result of its merger with Citibank (South Dakota), N.A. on July 1, 2011. The eligibility criteria for the receivables that can be sold to the Master Trust include the following: the receivables must be from accounts owned by Citibank or an affiliate; the cardholders must not have been in a voluntary or involuntary bankruptcy proceeding; the receivables must be denominated in U.S. dollars.
CCCIT securities are issued in the form of notes, governed by New York law. CCCIT issues three classes of securities: Class A (rated Aaa/AAA/AAA), Class B (rated A2/AA/A), and Class C (rated Baa2/A/BBB). Classes B and C are subordinated to Class A and are part of the credit enhancement structure. The issuance of CCCIT Class B and C securities is independent of the issuance of Class A securities, however, Class A and Class B securities cannot be issued if the required enhancement for that Class (Classes B and C for A; Class C for B) is insufficient.