Press Release

DBRS Confirms Ratings of U.S. ABS Transactions

Auto, Other, Consumer Loans & Credit Cards

February 19, 2015

DBRS, Inc. (DBRS) has today conducted a review of 14 publicly rated U.S. structured finance asset-backed securities (ABS) transactions that are currently outstanding. Of the 53 classes reviewed, 50 were confirmed and three were discontinued due to full repayment of the notes.

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

The following public transactions were reviewed:
-- Cabela's Credit Card Master Note Trust Series 2010-II
-- Santander Drive Auto Receivables Trust 2010-B
-- Santander Drive Auto Receivables Trust 2011-1
-- Cabela's Credit Card Master Note Trust Series 2011-II
-- Santander Drive Auto Receivables Trust 2011-2
-- PFS Financing Corp., Series 2011-A
-- 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
-- Santander Consumer Receivables 4 LLC
-- Cabela's Credit Card Master Note Trust Series 2013-I
-- Cabela's Credit Card Master Note Trust Series 2013-II
-- Cabela's Credit Card Master Note Trust Series 2014-I
-- Cabela's Credit Card Master Note Trust, Series 2014-II

Notes:
The applicable methodology is DBRS Master U.S. ABS Surveillance Methodology (October 2014), which can be found on our website under Methodologies.

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

For more information on this credit or this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2010-II Notes, Class A	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2010-II Notes, Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Series 2010-II Notes, Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Series 2010-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2011-II Notes, Class A-1	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2011-II Notes, Class A-2	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2011-II Notes, Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Series 2011-II Notes, Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Series 2011-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Class A-1	AAA (sf)	--	Confirmed	US
19-Feb-15	Class A-2	AAA (sf)	--	Confirmed	US
19-Feb-15	Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Class A-1	AAA (sf)	--	Confirmed	US
19-Feb-15	Class A-2	AAA (sf)	--	Confirmed	US
19-Feb-15	Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2012-II, Class A-1	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2012-II, Class A-2	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2012-II, Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Series 2012-II, Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Series 2012-II, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Class A	AAA (sf)	--	Confirmed	US
19-Feb-15	Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Class A-1	AAA (sf)	--	Confirmed	US
19-Feb-15	Class A-2	AAA (sf)	--	Confirmed	US
19-Feb-15	Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2014-I Notes, Class A	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2014-I Notes, Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Series 2014-I Notes, Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Series 2014-I Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2014-II Notes, Class A	AAA (sf)	--	Confirmed	US
19-Feb-15	Series 2014-II Notes, Class B	A (high) (sf)	--	Confirmed	US
19-Feb-15	Series 2014-II Notes, Class C	BBB (sf)	--	Confirmed	US
19-Feb-15	Series 2014-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2011-A Notes	R-1 (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Facility	A (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Class D	A (sf)	--	Confirmed	US E
19-Feb-15	Class C	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2011-1 Notes, Class C	AAA (sf)	--	Confirmed	US E
19-Feb-15	Series 2011-1 Notes, Class D	A (sf)	--	Confirmed	US E
19-Feb-15	Series 2011-1 Notes, Class E	BBB (sf)	--	Confirmed	US E
19-Feb-15	Series 2011-1 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
19-Feb-15	Series 2011-2 Notes, Class C	AAA (sf)	--	Confirmed	US E
19-Feb-15	Series 2011-2 Notes, Class D	A (sf)	--	Confirmed	US E
19-Feb-15	Series 2011-2 Notes, Class E	BBB (sf)	--	Confirmed	US E
19-Feb-15	Series 2011-2 Notes, Class B	Discontinued	--	Disc.-Repaid	US

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

Series 2010-II Notes, Class A

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class D

Date Issued:Feb 19, 2015
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:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class A-2

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class D

Date Issued:Feb 19, 2015
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:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Feb 19, 2015
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:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Feb 19, 2015
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:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class A-2

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class D

Date Issued:Feb 19, 2015
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:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

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

Class A-1

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2014-I

Series 2014-I Notes, Class A

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2014-II

Series 2014-II Notes, Class A

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class B

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

PFS Financing Corp.

Series 2011-A Notes

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Santander Consumer Receivables 4 LLC

Facility

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Santander Drive Auto Receivables Trust 2010-B

Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Feb 19, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Santander Drive Auto Receivables Trust 2011-1

Series 2011-1 Notes, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class E

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class B

Date Issued:Feb 19, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Santander Drive Auto Receivables Trust 2011-2

Series 2011-2 Notes, Class C

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class D

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class E

Date Issued:Feb 19, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class B

Date Issued:Feb 19, 2015
Rating Action:Disc.-Repaid
Ratings:Discontinued
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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