Press Release

DBRS Assigns Final Ratings to Cabela’s Credit Card Master Note Trust Series 2013-I

Consumer Loans & Credit Cards

March 07, 2013

DBRS, Inc. (DBRS) has today assigned final ratings to the following notes issued by Cabela’s Credit Card Master Note Trust Series 2013-I:

– Series 2013-1, Class A Notes rated AAA (sf)
– Series 2013-1, Class B Notes rated ‘A’ (high) (sf)
– Series 2013-1, Class C Notes rated BBB (sf)
– Series 2013-1, Class D Notes rated BB (sf)

DBRS has also confirmed all its outstanding ratings for the Cabela’s Credit Card Master Note Trust.

Note:
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 our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

Ratings

Cabela's Credit Card Master Note Trust Series 2010-I

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Series 2010-I Notes, Class A-2	AAA (sf)	--	Confirmed	US E
07-Mar-13	Series 2010-I Notes, Class B	A (high) (sf)	--	Confirmed	US E
07-Mar-13	Series 2010-I Notes, Class C	BBB (sf)	--	Confirmed	US E
07-Mar-13	Series 2010-I Notes, Class D	BB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Series 2010-II Notes, Class A	AAA (sf)	--	Confirmed	US
07-Mar-13	Series 2010-II Notes, Class B	A (high) (sf)	--	Confirmed	US
07-Mar-13	Series 2010-II Notes, Class C	BBB (sf)	--	Confirmed	US
07-Mar-13	Series 2010-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Series 2011-II Notes, Class A-1	AAA (sf)	--	Confirmed	US
07-Mar-13	Series 2011-II Notes, Class A-2	AAA (sf)	--	Confirmed	US
07-Mar-13	Series 2011-II Notes, Class B	A (high) (sf)	--	Confirmed	US
07-Mar-13	Series 2011-II Notes, Class C	BBB (sf)	--	Confirmed	US
07-Mar-13	Series 2011-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Class A-1	AAA (sf)	--	Confirmed	US
07-Mar-13	Class A-2	AAA (sf)	--	Confirmed	US
07-Mar-13	Class B	A (high) (sf)	--	Confirmed	US
07-Mar-13	Class C	BBB (sf)	--	Confirmed	US
07-Mar-13	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Class A-1	AAA (sf)	--	Confirmed	US
07-Mar-13	Class A-2	AAA (sf)	--	Confirmed	US
07-Mar-13	Class B	A (high) (sf)	--	Confirmed	US
07-Mar-13	Class C	BBB (sf)	--	Confirmed	US
07-Mar-13	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Series 2012-II, Class A-1	AAA (sf)	--	Confirmed	US
07-Mar-13	Series 2012-II, Class A-2	AAA (sf)	--	Confirmed	US
07-Mar-13	Series 2012-II, Class B	A (high) (sf)	--	Confirmed	US
07-Mar-13	Series 2012-II, Class C	BBB (sf)	--	Confirmed	US
07-Mar-13	Series 2012-II, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
07-Mar-13	Class A	AAA (sf)	--	Provis.-Final	US
07-Mar-13	Class B	A (high) (sf)	--	Provis.-Final	US
07-Mar-13	Class C	BBB (sf)	--	Provis.-Final	US
07-Mar-13	Class D	BB (sf)	--	Provis.-Final	US

Cabela's Credit Card Master Note Trust Series 2010-I

Series 2010-I Notes, Class A-2

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-I Notes, Class B

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-I Notes, Class C

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-I Notes, Class D

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Cabela's Credit Card Master Note Trust Series 2010-II

Series 2010-II Notes, Class A

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class B

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class C

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class D

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2011-II

Series 2011-II Notes, Class A-1

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class A-2

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class B

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class C

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class D

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2011-IV

Class A-1

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2012-I

Class A-1

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2012-II

Series 2012-II, Class A-1

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class A-2

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class B

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class C

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class D

Date Issued:Mar 7, 2013
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2013-I

Class A

Date Issued:Mar 7, 2013
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 7, 2013
Rating Action:Provis.-Final
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 7, 2013
Rating Action:Provis.-Final
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 7, 2013
Rating Action:Provis.-Final
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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