DBRS Confirms Ratings on World Financial Network Credit Card Master Trust III, Series 2009-VFC1

DBRS has confirmed the ratings on the World Financial Network Credit Card Master Trust III(“WFNCCMT III” or “Trust”) based on a review of Reassignment No. 4 of Receivables dated as of June 15, 2011 (“Reassignment”). The Reassignment addresses a transfer of receivables and portfolios out of the 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 13.99%, the payment rate was 21.52% and the net charge-off rate was 9.21%.

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.