LAS VEGAS - After one of the most watched events in the credit card industry unfolded in the last half of 2005 with the implementation of the Bankruptcy Reform Act, credit card ABS performance appears to be holding up well and sources expect spreads to continue to remain tight.

Richard Drason, vice president with Deutsche Asset Management, said he expects "no significant spread widening any time soon," and that he prefers triple-A-rated securities over triple-Bs because any potential widening would affect triple-Bs first.

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