Press Release

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

Consumer Loans & Credit Cards

July 15, 2015

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

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

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

Notes:
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.

For more information on this credit or on 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
15-Jul-15	Series 2010-II Notes, Class A	AAA (sf)	--	Confirmed	US
15-Jul-15	Series 2010-II Notes, Class B	A (high) (sf)	--	Confirmed	US
15-Jul-15	Series 2010-II Notes, Class C	BBB (sf)	--	Confirmed	US
15-Jul-15	Series 2010-II Notes, Class D	BB (sf)	--	Confirmed	US

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

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

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

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

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

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

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

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

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
15-Jul-15	Series 2015-II Notes, Class A-1	AAA (sf)	--	Provis.-Final	US
15-Jul-15	Series 2015-II Notes, Class A-2	AAA (sf)	--	Provis.-Final	US
15-Jul-15	Series 2015-II Notes, Class B	A (high) (sf)	--	Provis.-Final	US
15-Jul-15	Series 2015-II Notes, Class C	BBB (sf)	--	Provis.-Final	US
15-Jul-15	Series 2015-II 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-II Notes, Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class A-2

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-II Notes, Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class A-2

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jul 15, 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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class D

Date Issued:Jul 15, 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 D

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class A

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (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:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class A-2

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class B

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class C

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class D

Date Issued:Jul 15, 2015
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

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

Series 2015-II Notes, Class A-1

Date Issued:Jul 15, 2015
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class A-2

Date Issued:Jul 15, 2015
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class B

Date Issued:Jul 15, 2015
Rating Action:Provis.-Final
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class C

Date Issued:Jul 15, 2015
Rating Action:Provis.-Final
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class D

Date Issued:Jul 15, 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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