DBRS Confirms Ratings of Credit Card ABS Transactions

DBRS, Inc. has conducted a review of several outstanding U.S. structured finance credit card asset-backed securities transactions. Of the 7 publicly rated trusts reviewed, a total of 18 series, containing 87 outstanding classes were confirmed.

The collateral supporting the transactions is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.

The following public transactions have been reviewed:
•1st Financial Credit Card Master Note Trust II, Series 2009-A
•1st Financial Credit Card Master Note Trust II, Series 2010-A
•1st Financial Credit Card Master Note Trust II, Series 2010-B
•1st Financial Credit Card Master Note Trust II, Series 2010-C
•1st Financial Credit Card Master Note Trust II, Series 2010-D
•1st Financial Credit Card Master Note Trust II, Series 2011-A
•Cabela’s Credit Card Master Note Trust Series 2010-I
•Cabela’s Credit Card Master Note Trust Series 2010-II
•Cabela’s Credit Card Master Note Trust Series 2011-II
•Cabela’s Credit Card Master Note Trust Series 2011-IV
•Cabela’s Credit Card Master Note Trust Series 2012-I
•Capital One Multi-asset Execution Trust
•World Financial Capital Master Note Trust Series 2009-VFN
•World Financial Network Credit Card Master Note Trust Series 2009-B
•World Financial Network Credit Card Master Note Trust Series 2009-D
•World Financial Network Credit Card Master Note Trust Series 2009-VFN
•World Financial Network Credit Card Master Note Trust II, Series 2010-1
•World Financial Network Credit Card Master Trust III, Series 2009-VFC1

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

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

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