Press Release

DBRS Confirms Ratings on World Financial Network Credit Card Master Note Trust

Consumer Loans & Credit Cards
June 16, 2011

DBRS has confirmed the ratings on the World Financial Capital Master Note Trust (“WFNCCMNT” or “Trust”) based on a review of (1) the Eighth Amendment to the Transfer and Servicing Agreement, dated as of June 15, 2011 (“Eighth Amendment”), (2) the Second Amended and Restated Series 2009-VFN Indenture Supplement, dated as of June 15, 2011 (“Second Amendment”, and (3) the Assignment No. 7 of Receivables in Supplemental Accounts and Designation No. 7 of Approved Portfolios dated as of June 15, 2011 (collectively referred to as the “Assignment and Designation”). The previous three items are collectively referred to as the “Amendments”. The Eighth Amendment was meant to facilitate existing swap documentation to recent criteria changes. The Second Amendment was meant to extend the facility expiration date another year, amongst other technical issues. The Assignment and Designation addresses the addition of receivables and portfolios from an existing securitization program into this Trust. DBRS is providing Rating Confirmation that the Amendments will not result in a reduction or withdrawal of the existing ratings assigned by DBRS to any outstanding Series or Notes issued by the Trust.

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

The applicable methodology is Rating U.S. Credit Card Securitizations – June 2011, which can be found on our website under Methodologies.

Ratings

World Financial Network Credit Card Master Note Trust Series 2009-A
World Financial Network Credit Card Master Note Trust Series 2009-B
World Financial Network Credit Card Master Note Trust Series 2009-C
World Financial Network Credit Card Master Note Trust Series 2009-D
World Financial Network Credit Card Master Note Trust Series 2009-VFN
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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