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

DBRS, Inc. (“DBRS”) has confirmed the rating on World Financial Network Credit Card Master Note Trust. The confirmation is based on a review of the amendment to the transaction documents and the issuance by the Trust of the series 2011-A Notes and the Series 2011-B Notes. DBRS also reviewed the recent performance of the trust and determined performance has been stable and in line with expectations.

DBRS confirms the following ratings in the World Financial Network Credit Card Master Note Trust:

-Series 2009-A Notes, Class A rated AAA (sf)
-Series 2009-A Notes, Class M rated AA (sf)
-Series 2009-A Notes, Class B rated A (sf)
-Series 2009-A Notes, Class C rated BBB (sf)
-Series 2009-B Notes, Class A rated AAA (sf)
-Series 2009-B Notes, Class M rated AA (sf)
-Series 2009-B Notes, Class B rated A (sf)
-Series 2009-B Notes, Class C rated BBB (sf)
-Series 2009-D Notes, Class A rated AAA (sf)
-Series 2009-D Notes, Class M rated AA (sf)
-Series 2009-D Notes, Class B rated A (sf)
-Series 2009-D Notes, Class C rated BBB (sf)
-Series 2009-VFN Notes, Class A rated AAA (sf)
-Series 2009-VFN Notes, Class M rated AA (sf)

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

The applicable methodologies are Rating U.S. Credit Card Securitizations and DBRS Master U.S. Surveillance Methodology, which can be found on our website under Methodologies.