DBRS Confirms Ratings on World Financial Capital Master Note Trust Series 2009-VFN

DBRS has confirmed the ratings on the World Financial Capital Master Note Trust (“WFCMNT” or “Trust”), Series 2009-VFN based on a review of (1) the Supplemental Indenture No. 1 to the Amended and Restated Series 2009-VFN Indenture Supplement. This amendment redefined a bankrupt merchant in the transaction. (2) The Second Amended and Restated Class A Note Purchase Agreement and (3) the Amended and Restated Class M Note Purchase Agreement. The final two documents reviewed extended the facility expiration date another year, amongst other technical issues.

DBRS also reviewed the recent performance of the trust and determined performance has been stable. As of April 2011, excess spread was 15.4%, the payment rate was 13.3% and the net charge-off rate was 9.05%.

Note:
The applicable methodology is Rating U.S. Credit Card Securitizations – October 2008, which can be found on our website under Methodologies.