DBRS Confirms Ratings of U.S. ABS Transactions

DBRS has today taken rating actions on 44 classes from ten publicly rated asset-backed security (ABS) transactions. Of the 44 classes reviewed, DBRS confirmed 41 classes and discontinued three others due to full repayment of the notes.

The collateral supporting the transactions is performing within DBRS’s expectations. For the ratings that were confirmed, the transactions have exhibited stable performance trends and have credit enhancement for each class sufficient to cover DBRS expected losses.

DBRS reviewed the following public transactions:
-- Santander Consumer Receivables 4 LLC
-- Santander Consumer Acquired Receivables Trust 2011-WO
-- 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
-- Cabela’s Credit Card Master Note Trust, Series 2012-II
-- Cabela’s Credit Card Master Note Trust Series 2013-I
-- Cabela’s Credit Card Master Note Trust Series 2013-II

Notes:
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.