DBRS Issues Ratings on Nordstrom fsb, Series 2007-VFN

DBRS, Inc. (“DBRS”) issues a rating on the Nordstrom fsb, Series 2007-VFN, Asset Backed Variable Funding Notes, Class A at AAA (sf). The transaction has been outstanding for five years, with a commitment to fund provided by the Royal Bank of Scotland plc.

Nordstrom, Inc. (NYSE: “JWN”) is a fashion specialty retailer that currently operates 231 stores in 31 states. Nordstrom Credit Inc. (“NCI”), together with Nordstrom fsb (“NFSB” or the “Bank”) both wholly-owned subsidiaries of JWN, offer Nordstrom’s customers a variety of payment products. NFSB is the originator and servicer in this securitization. The receivables in this transaction consist solely of an interest in Visa credit card accounts.

Notes:
The applicable methodology is Rating U.S. Credit Card Securitizations and Legal criteria for U.S. Structured Finance Transactions, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.