Fitch Rates Chase Issuance Trust CHASEseries 2009-2, Class A Notes (CHAIT) 'AAA'; Outlook Stable

Fitch Ratings assigns an 'AAA' rating to the Chase Issuance Trust CHASEseries class A, (2009-2) notes as follows:

--$5,000,000,000 1mL+1.55% class A (2009-2); Outlook Stable.

The rating reflects the credit quality of the receivables in the Chase Issuance Trust (CHAIT), the available credit enhancement, the servicing expertise of Chase Bank USA, National Association, and the transactions' legal and financial structure.

There are three sources of receivables backing the notes: those that have been directly added to CHAIT, those backing series 2002-CC collateral certificate issued out of the First USA Credit Card Master Trust, and those backing the series 2004-CC collateral certificate issued out of the Chase Credit Card Master Trust.

Chase Issuance Trust (CHAIT) elected to increase overall credit enhancement (CE) for the trust across all classes of notes today, May 12, 2009. As such, the increased enhancement will apply to all future issuances as well as currently outstanding notes. The enhancement increase for CHAIT class A notes was achieved by increasing the required subordinated amount for class B and class C notes. As a result of this structure change, the class A credit enhancement increases to 14% from 11.5% effective May 12, 2009.

For more information see the Chase Issuance Trust CHASEseries class A (2009-2) notes presale report, available on Fitch's web site www.fitchratings.com.

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