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

DBRS, Inc. (“DBRS”) has reviewed Series 2012-B and 2012-C Indenture Supplements (the “Indenture Supplements”), dated as of July 19, 2012, between World Financial Network Credit Card Master Note Trust (“WFNCCMNT “) and Union Bank, N.A., (successor to The Bank of New York Mellon Trust Company, N.A)., as Indenture Trustee, under the Master Indenture, dated as of August 1, 2001, which will facilitate the issuance of the Series 2012-B and 2012-C notes by WFNCCMNT.

DBRS confirms the ratings for the WFNCCMNT Series 2009-D and Series 2009-VFN as set forth below:

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.

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