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

DBRS, Inc. (“DBRS”) has reviewed Series 2012-A Indenture Supplement (the “Indenture Supplement”), dated as of April 12, 2012, between World Financial Network Credit Card Master Note Trust (“WFNCCMNT “) and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. and as successor to BNY Midwest Trust Company), under the Master Indenture, dated as of August 1, 2001.

DBRS confirms based on the information provided to DBRS, the 2012-A issuance and the execution of the Indenture Supplement will not result in a reduction, qualification, or withdrawal of the ratings assigned by DBRS to any outstanding notes issued by the WFNCCMNT. DBRS currently has outstanding ratings on the following debts:

Series 2009-B:
--Class A confirmed at AAA (sf)
--Class M confirmed at AA (sf)
--Class B confirmed at ‘A’ (sf)
--Class C confirmed at BBB (sf)

Series 2009-D:
--Class A confirmed at AAA (sf)
--Class M confirmed at AA (sf)
--Class B confirmed at ‘A’ (sf)
--Class C confirmed at BBB (sf)

Series 2009-VFN:
--Class A confirmed at AAA (sf)
--Class M confirmed at AA (sf)

DBRS also reviewed the recent performance of the trust and determined performance has been stable and in line with expectations.

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