DBRS Rates 1st Financial Credit Card Master Note Trust III, Series 2009-I and 2009-II

DBRS has today assigned ratings to the following classes issued by 1st Financial Credit Card Master Note Trust III (Trust III), Series 2009-I and 2009-II:

Series 2009-I:
-- $73,750,000 Series 2009-I Notes, Class A-1 rated AAA (sf)
-- $4,687,000 Series 2009-I Notes, Class A-2 rated AAA (sf)
-- $18,438,000 Series 2009-I Notes, Class B rated AA (high) (sf)
-- $13,437,000 Series 2009-I Notes, Class C rated ‘A’ (high) (sf)
-- $14,688,000 Series 2009-I Notes, Class D rated BBB (high) (sf)

Series 2009-II:
-- $73,750,000 Series 2009-II Notes, Class A-1 rated AAA (sf)
-- $4,687,000 Series 2009-II Notes, Class A-2 rated AAA (sf)
-- $18,438,000 Series 2009-II Notes, Class B rated AA (high) (sf)
-- $13,437,000 Series 2009-II Notes, Class C rated ‘A’ (high) (sf)
-- $14,688,000 Series 2009-II Notes, Class D rated BBB (high) (sf)

The ratings take into account base case loss levels of 8.25%, base case principal payment rate levels of 6.50% and base case yield levels of 20.5%. They also reflect the ability of the transaction structure to withstand significant stresses relative to the rating categories cited above.

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

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