Barclays Bank Delaware's (BBD) trust will issue the first credit card securitization that will fall under the Federal Deposit Insurance Corp.'s (FDIC) new Safe Harbor rule, Moody's Investors Service analysts said in yesterday's Credit Card Statement report. The agency adopted the rule on September 27, 2010.

BBD has created the first new publicly registered credit card trust in several years. On June 13, the company filed an S-3 with the Securities and Exchange Commission to establish its Dryrock Issuance Trust, where BBD will serve as both originator and servicer of the credit card receivables that will back the trust.

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