Despite the torrent of lawsuits that Banc One's shareholders have recently filed against the company in connection with its credit card businesses, the existing Banc One asset-backed paper in the market is not likely to be affected, said rating agency sources.

"If any of these shareholder suits were actually successful, Banc One itself would be liable for damages," said David Fanger, of Moody's Investors Service. "It would come from the corporation. It would not impact the asset-backed deals in any way."

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