DBRS Assigns Ratings to Synchrony Credit Card Master Note Trust, Series 2015 VFN 1

DBRS, Inc. has today assigned the following ratings to the notes issued from the Synchrony Credit Card Master Note Trust, Series 2015-VFN 1:

-- Class A Notes rated AAA (sf)
-- Class B Notes rated A (sf)

The Synchrony Credit Card Master Note Trust, Series 2015-VFN 1 facility is a warehouse provided to Synchrony Bank (the Originator), a subsidiary of Synchrony Financial, itself an indirect subsidiary of General Electric Capital Corporation, which is also the Servicer for the facility. The facility has been provided to the Originator for the financing of a majority of private label and a smaller amount of co-branded card credit card receivables.

Notes:
The applicable methodology is U.S. Credit Card Asset-Backed Securities, which can be found on our website under Methodologies.

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