DBRS Upgrades Rating for World Financial Network Credit Card Master Trust III, Series 2009-VFC1

DBRS has today upgraded its rating on the World Financial Network Credit Card Master Trust III 2009-VFC1, Class A Notes (WFNCCMT III 2009-VFC1) to “AAA (sf)” from “AA (sf)”. The upgrade is due to the ability of the transaction to withstand stressed cash flow assumptions, the conservative nature of DBRS base case variables (principal payment rate, charge-offs and yield), an increase in credit enhancement, the presence of excess spread triggers and the current level of excess spread. Current performance has also been in line with DBRS expectations.

Notes:
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.