DBRS Rates Cabela’s Credit Card Master Note Trust Series 2009-I

DBRS has today assigned ratings to the following classes issued by Cabela’s Credit Card Master Note Trust Series 2009-I:

-- $425 million Series 2009-I Notes, Class A rated AAA
-- $40 million Series 2009-I Notes, Class B rated A (high)
-- $21.25 million Series 2009-I Notes, Class C rated BBB
-- $13.75 million Series 2009-I Notes, Class D rated BB

This transaction represents the first series issuance from Cabela’s Credit Card Master Note Trust in 2009 (the Trust).

The ratings reflect the ability of the transaction structure to withstand significant stresses relative to base case losses, yield stresses and payment rate stresses as appropriate for the rating category.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Credit Card ABS, which can be found on our website under Methodologies.

This is a Structured Finance rating.