While recent legal action and state-sanctioned probes investigating such credit-card companies such as Chase Manhattan Bank, Providian Financial Corp. and Bank One Corp. may not be detrimental to the ratings of asset-backed debt issued by these companies, it is generally believed that this spate of bad press will definitely affect where these bonds trade.

Chase revealed last week that it had been named as a defendant in three of seven actions in an Oklahoma court related to the issuance of securities by now-defunct Commercial Financial Service Inc.

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