Press Release

DBRS Confirms Ratings of U.S. ABS Transactions

Other, Consumer Loans & Credit Cards
July 24, 2014

DBRS has conducted a review of 12 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. All of the 33 publicly rated classes reviewed were confirmed.

The collateral supporting the reviewed and confirmed transactions has exhibited stable performance trends and has credit enhancement for each class sufficient enough to cover DBRS expected losses.

The following public transactions were reviewed:

-- World Financial Network Credit Card Master Trust III, Series 2009-VFC1
-- World Financial Capital Master Note Trust Series 2009-VFN
-- 1st Financial Credit Card Master Note Trust II, Series 2010-D
-- JGWPT XXIV LLC Fixed Rate Asset-Backed Notes, Series 2011-2
-- 1st Financial Credit Card Master Note Trust II, Series 2011-A
-- JGWPT XXV LLC Fixed Rate Asset-Backed Notes, Series 2012-1
-- JGWPT XXVI LLC Fixed Rate Asset-Backed Notes, Series 2012-2
-- JGWPT XXVII LLC Fixed Rate Asset-Backed Notes, Series 2012-3
-- JGWPT XXVIII LLC Fixed Rate Asset-Backed Notes, Series 2013-1
-- JGWPT XXIX LLC Fixed Rate Asset-Backed Notes, Series 2013-2
-- JGWPT XXIX LLC Fixed Rate Asset-Backed Notes, Series 2013-2
-- 1st Financial Credit Card Master Note Trust III, 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.

Ratings

1st Financial Credit Card Master Note Trust II, Series 2010-D
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
1st Financial Credit Card Master Note Trust II, Series 2011-A
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:USE
1st Financial Credit Card Master Note Trust III, Series 2013-I
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
1st Financial Credit Card Master Note Trust III, Series 2013-II
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
JGWPT XXIV LLC Fixed Rate Asset-Backed Notes, Series 2011-2
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
JGWPT XXIX LLC Fixed Rate Asset-Backed Notes, Series 2013-2
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
JGWPT XXV LLC Fixed Rate Asset-Backed Notes, Series 2012-1
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
JGWPT XXVI LLC Fixed Rate Asset-Backed Notes, Series 2012-2
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
JGWPT XXVII LLC Fixed Rate Asset-Backed Notes, Series 2012-3
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
JGWPT XXVIII LLC Fixed Rate Asset-Backed Notes, Series 2013-1
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
World Financial Capital Master Note Trust Series 2009-VFN
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
World Financial Network Credit Card Master Trust III, Series 2009-VFC1
  • Date Issued:Jul 24, 2014
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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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Contacts

  • Claire Mezzanotte
    Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
    +(1) 212 806 3272
  • Maxim Berger
    Assistant Vice President, US ABS & Surveillance - Global Structured Finance
    +1 212 806 3279
  • Jayce Fox
    Senior Vice President, US ABS Surveillance - Global Structured Finance
    +1 203 883 5815
  • Jan Buckler
    Senior Vice President, Sector Lead - Global Structured Finance Ratings
    +(1) 212 806 3925

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