DBRS Confirms Ratings on World Financial Network Credit Card Master Note Trust Series 2009-VFN

DBRS, Inc. (“DBRS”) has confirmed the AAA (sf) rating to the Class A Series 2009-VFN Floating Rate Asset Backed Notes and the AA (sf) rating to the Class M Series 2009-VFN Asset Backed Notes issued by the World Financial Network Credit Card Master Note Trust (“WFNCCMNT”), Series 2009-VFN. The transaction has been outstanding for three years and performance is in line with DBRS expectations. The series 2009-VFN is one of eight outstanding series in the trust. This series is being extended at this point and is funded by various conduit providers or banks. The confirmation is pursuant to an extension of the revolving period by 18 months, the addition of four small portfolios as well as amendments to certain triggers and other items.

DBRS currently rates two other series issued by WFNCCMNT. The following ratings are also being confirmed:

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)

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 the DBRS website under Methodologies.