Press Release

DBRS Finalizes Provisional Ratings on Cabela’s Credit Card Master Note Trust, Series 2015-I

Consumer Loans & Credit Cards

March 16, 2015

DBRS Inc. (DBRS) has today finalized the provisional ratings on the following classes issued by Cabela’s Credit Card Master Note Trust, Series 2015-I:

-- Series 2015-I Notes, Class A-1 at AAA (sf)
-- Series 2015-I Notes, Class A-2 at AAA (sf)
-- Series 2015-I Notes, Class B at A (high) (sf)
-- Series 2015-I Notes, Class C at BBB (sf)
-- Series 2015-I Notes, Class D at BB (sf)

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

Notes:
All figures are in U.S. dollars unless otherwise noted.

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.

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

The applicable methodology is U.S. Credit Card Asset-Backed Securities (December 2014), which can be found on our website under Methodologies.

Ratings

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

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

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

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

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

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

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

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

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

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
16-Mar-15	Series 2015-I Notes, Class A-1	AAA (sf)	--	Provis.-Final	US
16-Mar-15	Series 2015-I Notes, Class A-2	AAA (sf)	--	Provis.-Final	US
16-Mar-15	Series 2015-I Notes, Class B	A (high) (sf)	--	Provis.-Final	US
16-Mar-15	Series 2015-I Notes, Class C	BBB (sf)	--	Provis.-Final	US
16-Mar-15	Series 2015-I Notes, Class D	BB (sf)	--	Provis.-Final	US

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

Series 2010-II Notes, Class A

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class A-2

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class A-2

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class D

Date Issued:Mar 16, 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:Mar 16, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class B

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class C

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class D

Date Issued:Mar 16, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2015-I

Series 2015-I Notes, Class A-1

Date Issued:Mar 16, 2015
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class A-2

Date Issued:Mar 16, 2015
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class B

Date Issued:Mar 16, 2015
Rating Action:Provis.-Final
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class C

Date Issued:Mar 16, 2015
Rating Action:Provis.-Final
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class D

Date Issued:Mar 16, 2015
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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